As a London-based blockchain consultant with an Oxford-trained mind, I’ve watched this saga unfold: Robinhood claims to offer tokenized exposure to unlisted tech equities—OpenAI, SpaceX—without authorization. But are these tokens equity, or just price-anchored smart contracts? OpenAI denies any involvement. This isn’t fraud—it’s a regulatory gray zone where private capital meets DeFi. Here’s what’s really at stake.