AMC CEO calls Robinhood’s tokenized stock tokens ‘outrageous,’ orders a legal review
As to how AMC would handle the matter moving forward, Aron said it will invoke outside securities counsel to look into the matter.
“What’s the concern?”
Ironically, Robinhood’s own disclosures say the blockchain tokens are tokenized debt securities issued by an offshore affiliate, Robinhood Assets. Holders get price exposure to a stock. But it does not mean legal ownership, and they don’t vote on proposals as traditional shareholders do.
Robinhood also plainly states that the tokens are not registered as securities in the United States and may not be sold there.
None of those disclosures soothe Aron’s headache, though, because, according to him, a nobody should be allowed to create a product that carries AMC’s name and tracks its stock without getting the firm’s approval or even passing it through the regulatory regime AMC operates under.
OpenAI has fought the tokenized stocks fight before
Last year, OpenAI publicly disowned Robinhood tokens tied to its name, saying they were not OpenAI equity, that it had not partnered with or endorsed Robinhood, and that it had approved no transfer of its shares.
Tenev’s defense then previewed his terse reply now. He argued the tokens were not technically equity but derivatives giving retail investors exposure to a private company, and that tokenizing a firm should not require that firm’s permission.
Aron is testing that second claim directly, insisting that a public company’s consent and its regulators still matter.
The dispute is landing on a market that has ballooned this year. Tokenized stocks reached a combined market value of $13.4 billion as of September 1, up from $2.5 billion at the start of 2026, according to The Block’s data dashboard.
Robinhood has been a driver of that climb, listing more than 190 stock tokens on its own Arbitrum-based network after adding 100 in a single batch on August 13.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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