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FollowingAMC CEO Adam Aron condemns Robinhood for issuing tokens that track his stock price.
AMC Entertainment CEO Adam Aron took to Twitter on Wednesday severely condemned Robinhood for issuing tokens that track the company's stock price without AMC's involvement. Allen described the practice as "despicable, heinous, disgusting, hateful, unforgivable and despicable" and stressed that AMC had no connection with the matter and did not recognize it, while questioning its legitimacy. He pointed out that the tokens were not registered under U.S. securities laws and said the company had instructed external securities legal advisers to immediately investigate the matter. He also mentioned that Robinhood's projects cover more than 190 companies.
Nature and Legal Status of Tokens
According to Robinhood's own documents,"stock tokens" are tokenized debt securities issued by Robinhood Assets (Jersey) Limited. Holders only gain economic exposure to the stock price, but do not have any legal or beneficial rights to the underlying security, nor can they make any claims against the company issuing the security. Based on this description, AMC token holders have no claim against AMC Company.
These tokens are not registered in the United States and may not be given or delivered to American persons-the term "American person" comes from the definition of Regulation S. In addition, further restrictions have been imposed in places such as Canada, the United Kingdom and Switzerland. The basic prospectus has been approved by the Liechtenstein Financial Markets Supervisory Authority in accordance with EU rules. Robinhood's issuer page states that the Jersey entity is "unregulated" and that the consent it holds there constitutes neither supervision nor endorsement.
Industry Background and Regulatory Warning
Last year, the company airdropped tokens tracking OpenAI and SpaceX to European users. OpenAI said at the time that it did not cooperate with Robinhood, did not participate in it, and did not endorse the product, noting that any equity transfer required its approval, and that such approval was not given. Robinhood CEO Vlad Tenev called the release a milestone and said thousands of private companies could follow similar initiatives.
Days after the launch, Securities and Exchange Commission Commissioner Hester Peirce warned that blockchain does not have the "magical ability to transform the nature of the underlying asset into something else." This year, Anthropic and OpenAI both issued warnings that unauthorized sales tools could put buyers at risk of losing their money.
