Robinhood CEO says companies should not block blockchain‑based stock tokens in dispute with AMC
Robinhood defends stock tokens
Robinhood CEO Vlad Tenev posted on X that public companies should not be able to stop third parties from creating blockchain‑based tokens that track their shares. He said the tokens are separate financial instruments backed one‑to‑one by the underlying shares and do not change shareholder rights.
AMC’s demand
AMC Entertainment CEO Adam Aron asked Robinhood to stop offering AMC‑linked tokens and warned he might bring the issue to the U.S. Securities and Exchange Commission. Aron called the tokens a “fictitious synthetic equity market” and said they could confuse investors and affect AMC’s ability to raise capital.
Key points
- Robinhood launched stock tokens outside the U.S. this year, covering many American stocks and ETFs.
- Tenev argues that if a token does not alter shareholder rights or the official share ledger, issuer consent should not be required.
- Aron argues the tokens could weaken AMC’s capital‑raising and create a market using the company’s name without consent.
What is confirmed
- Vlad Tenev posted the statements on X on 11 September 2026.
- Adam Aron publicly demanded Robinhood stop the AMC‑linked tokens and mentioned the SEC.
- Robinhood’s tokens are described as separate instruments backed 1:1 by underlying shares.
Why it matters
The clash highlights a broader question about whether blockchain‑based tokens represent actual shares or are independent products, and what rights investors have when they buy them.
