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FollowingAMC Entertainment CEO publicly questions Robinhood's tokenized stock business
On September 3 and 4, AMC Entertainment (NYSE: AMC) CEO Adam Aron severely criticized Robinhood (NASDAQ: HOOD) CEO Vlad Tenev in a public confrontation. Aron questioned the legal basis for the brokerage to provide tokenized shares in his company and more than 190 other companies.
Aron pointed out several key issues when challenging what he described as "despicable, bad, disgusting, hateful, inexcusable and despicable": First, Robinhood did not register its issuance under U.S. securities laws; second, Robinhood never communicated with AMC during the development of the product.
Regarding how AMC will handle the matter, Aron said that the company will hire external securities legal advisers to intervene in the investigation. When asked about the main concerns, Robinhood CEO Tnev only responded briefly: "What are your concerns?" Aron quickly fought back, emphasizing that it posed a "near-existential threat" to his company and reiterated that the company neither recognized nor participated in such tokenized AMC shares. In addition, he pointed out that the lack of investor protection rules costs his company millions of dollars in losses every year.
Third-party views support AMC's position
Aron also cited supportive comments from other users on the X platform to support his views.@ Rocketspga agreed with Aron that Robinhood had not registered any synthetic exposure products it provided involving more than 190 listed companies, and pointed out that the "tokenized" label does not exempt the Securities Act.
Another user who was forwarded by Aron, Brad M., said that Robinhood attached AMC's name to a so-called "stock token", but it was actually a New Jersey debt note with no voting rights or actual stock backing behind it.
Ironically, Robinhood's own disclosure documents show that these blockchain tokens are tokenized debt securities issued by offshore affiliated company Robinhood Assets. Holders can gain price exposure from stock price fluctuations, but this does not mean legal ownership, and holders cannot vote on proposals like traditional shareholders. Robinhood also made it clear that these tokens are not registered as securities in the United States and cannot be sold there.
However, these disclosures did not allay Aron's concerns. In his view, no one has the right to create a product with the AMC name and track its stock price without obtaining company approval or passing the review of the regulatory system operated by AMC.
OpenAI has struggled with such controversy
Previously, OpenAI also publicly denied having a connection with the Robinhood tokens bound to its name, stating that these were not OpenAI's shares. The company did not cooperate or endorse Robinhood, nor did it approve any share transfers. Tnev's defense strategy at the time foreshadowed his current brief response: He argued that the tokens were not technically equity, but derivatives that gave retail investors access to private companies, and argued that tokenizing a company should not require the company's permission.
Aron is directly testing the second claim in this statement, insisting that the consent of public companies and their regulators remains crucial.
The tokenized stock market surges in size
The dispute takes place in a market that has expanded rapidly this year. According to The Block's data dashboard, as of September 1, the total market value of tokenized stocks reached US$13.4 billion, compared with only US$2.5 billion at the beginning of 2026. Robinhood was one of the main drivers of this growth, which subsequently listed more than 190 stock tokens on its Arbitrum based network after adding 100 stock tokens in one go on August 13.
