SEC exemption sets rules for tokenized stocks as Robinhood's AMC token swings far from NYSE price

Robinhood's AMC token becomes a test case for stock tokens

A dispute over Robinhood's tokenized AMC shares has grown into a wider argument about which way of placing stocks on a blockchain counts as legitimate, according to an opinion piece by Tram Doman of Bullish published by CoinDesk on Sept. 24, 2026.

The argument started with AMC CEO Adam Aron calling Robinhood's tokenized AMC shares a "quasi-fake market" and threatening legal action, the piece says. Robinhood's Vlad Tenev pushed back, saying a public company does not get to approve every product built on its stock.

The U.S. Securities and Exchange Commission (SEC), which regulates securities markets, then issued a view on Sept. 17. It granted a five-year exemption that allows tokenized U.S. stock to trade onchain in the U.S. only where the token carries the same dividends, votes and class rights as the share. Synthetic exposure, such as Robinhood's tokenized stock, is excluded.

Key points from the piece

• AMC's CEO called Robinhood's tokenized AMC shares a "quasi-fake market" and threatened legal action; Robinhood's CEO said a company cannot approve every product built on its stock.
• The SEC's Sept. 17 exemption runs for five years and requires a token to carry the same dividends, votes and class rights as the underlying share.
• Tokens that only give synthetic exposure, like Robinhood's AMC token, are not covered by the exemption.
• Across seven sessions from Aug. 31 to Sept. 9, the token closed within 0.87% of AMC's NYSE close at the median, and 2.71% at the widest, according to the piece.
• Just before midnight on Sept. 3, the token moved from $2.55 to as high as $23.16, then fell back to $3.26 within the same hour.

What the SEC position covers

The SEC's Sept. 17 view applies to tokenized U.S. stocks traded onchain inside the United States. The exemption lasts five years and is limited to tokens that carry the same dividends, votes and class rights as the share they represent.

Synthetic exposure, which gives price exposure without those rights, is left out. The piece identifies Robinhood's tokenized stock as an example of the excluded group.

How the token traded while the NYSE was open

According to the piece, the price held close to the regular market during exchange hours. Over seven sessions between Aug. 31 and Sept. 9, Robinhood's AMC token closed within 0.87% of AMC's NYSE closing price at the median, and 2.71% at the widest. Those figures come from the Uniswap pool that handles around 95% of the token's trading. Uniswap is a decentralized exchange, meaning trades are made through software rather than a single company.

What happened after the market closed

A different picture appeared once the underlying market was shut, the piece says. Leading up to midnight on Thursday, Sept. 3, the Robinhood AMC token rose from $2.55 to as high as $23.16. That is nine times the $2.54 that AMC closed at on the NYSE seven hours earlier. The token then fell back to $3.26 within the same hour, with $10.5 million of volume going through the pool during that hour.

Why the two prices can separate

The piece explains that wrapped tokens like Robinhood's AMC are often set up as claims against offshore issuers, which hold the underlying shares as collateral. In theory, if the share positions and the claims match 1:1, the price should stay aligned. In practice the two instruments trade separately, so the prices can move apart.

Arbitrageurs, such as high-frequency trading firms and market-making desks, normally step in to close those gaps and earn a profit. The piece says the same mechanism keeps depositary receipts in line with their underlying shares, and exchange-traded funds (funds that trade on an exchange and hold a basket of assets) in line with their net asset value.

In Robinhood's case, the piece says the Jersey issuer names only one authorized participant able to create and redeem tokens. The spike fell within the hours when that participant was allowed to act, but it did not mint or burn tokens at the time. Onchain data cited in the piece shows 47 mints on Friday, Sept. 4, all between noon and 7 p.m. ET during the cash session, about half a day after the token had fallen and recovered.

The piece also notes that a dealer in a working market can sell short or sell from its own inventory to capture a premium and refill later. Without infrastructure to borrow tokens, the only route to new tokens is pre-funding, it says.

What is confirmed and what is disputed

The public exchange between the two chief executives happened, and the SEC issued its five-year exemption position on Sept. 17 with the conditions described above. The trading figures are presented in the piece as measurements taken from the Uniswap pool and from onchain data.

The rest of the piece is opinion and analysis by its author, Tram Doman of Bullish, rather than a company statement or a regulatory finding. The claim that the model leaves a gap no single party can close alone is the author's argument.

Sources

• CoinDesk