AMC CEO Criticizes Robinhood’s Unregulated Tokenized Stock Offerings
AMC CEO Calls for Investigation Into Robinhood Tokens
Adam Aron, chief executive of AMC Entertainment Holdings, has publicly criticized Robinhood’s tokenized stock offerings. He called the products unregulated in the United States and said his company will ask outside securities counsel to investigate the matter. Aron wrote on the social media platform X that AMC has no affiliation with the tokens. He called the offering "outrageous" and said it is not registered under US securities laws.
Key Concerns Raised
- Robinhood’s stock tokens provide economic exposure to AMC shares but are not registered in the US.
- AMC CEO Adam Aron stated the tokens may not be offered to US investors.
- Similar restrictions apply in Canada, Switzerland and the UK.
- AMC will request an investigation from its outside securities counsel.
Robinhood Co-founder Responds
Vlad Tenev, Robinhood’s co-founder and CEO, replied to Aron’s comments on X. Tenev asked Aron to share his exact concerns about the tokenized offering. Robinhood did not issue a formal public statement on the matter.
Context on Tokenized Stocks
Tokenized stocks are blockchain-based shares that track the price of traditional company shares. The products recently faced scrutiny after several major crypto exchanges, including Bybit, Binance, Bitget Wallet and MEXC, canceled their tokenized SpaceX IPO campaigns in June. The cancellations came as SpaceX went public on the Nasdaq, with some platforms citing issues with Kraken-owned xStocks delivering the underlying assets. Robinhood first launched its stock tokens in July 2026. The tokens are issued by Jersey-based Robinhood Assets and are structured as tokenized debt securities on Ethereum as ERC-20 tokens. The company has also built Robinhood Chain, an Ethereum layer-2 network using Arbitrum technology, to host tokenized assets. In October 2025, Robinhood announced plans to tokenize nearly 500 US stocks and ETFs on Arbitrum. Bernstein analysts raised their price target on Robinhood Markets in July 2026, saying the platform’s next growth phase would rely on tokenized equities and prediction markets rather than traditional crypto trading.
What Is Confirmed
AMC CEO Adam Aron has publicly criticized Robinhood’s tokenized stock offerings and announced that the company will seek an investigation from outside securities counsel. Robinhood’s tokens were launched in July 2026 as tokenized debt securities issued by Robinhood Assets. Robinhood co-founder Vlad Tenev responded to Aron’s criticism on social media. The tokens face restrictions in the US and several other jurisdictions, including Canada, Switzerland and the UK.
What Is Still Unclear
Robinhood has not provided a detailed public explanation of how its tokens comply with US securities regulations. It is not yet clear whether AMC’s outside counsel will launch a formal legal review or what steps Robinhood may take in response to the criticism.
Why This Matters
The dispute highlights growing regulatory scrutiny around tokenized stocks in the United States. While many crypto companies are pushing to tokenize traditional assets, US regulators have been cautious about offerings that function like securities. Companies like Robinhood are treating tokenization as a major part of their future business, but legal questions remain about which products can be offered to US investors. Sources
