Robinhood Defends Stock Tokens as AMC Challenges Its Share Products

Highlights:

• Tenev says companies should not block products linked to their publicly traded shares.
• AMC says the token market could confuse investors and affect its ability to raise capital.
• Regulators may decide how Robinhood can issue stock tokens linked to public shares.

Robinhood CEO Vlad Tenev argued on Friday that public companies cannot block third-party products linked to their publicly traded shares. Tenev made the argument in an X post while defending Robinhood’s stock-token structure. His comments followed criticism from AMC Entertainment CEO Adam Aron over Robinhood’s AMC-linked tokens.

Robinhood CEO: Tokenized Stocks Do Not Need Company Approval if Underlying Share Rights Remain Unchanged

Robinhood Co-founder and CEO Vlad Tenev said that public companies should control the rights attached to their shares, but not every lawful use investors make of those shares… pic.twitter.com/FoHua4gMe0

— Wu Blockchain (@WuBlockchain) September 12, 2026

Tenev said issuer consent should depend on the rights created by each financial product. He argued that blockchain technology should not give public companies control over separate financial instruments. “A company should control the rights attached to its shares — not every lawful use of those shares,” Tenev wrote.

Tenev said public companies control voting rights and other obligations attached to the shares they issue. However, he said that control does not extend to separate financial instruments referencing those shares. Tenev said issuers should not gain veto power over products that reference their shares when traditional markets offer similar products.

Robinhood launched its stock tokens outside the United States this year. Robinhood offers users exposure to hundreds of U.S. stocks and exchange-traded funds through those tokens. A separate entity issues the tokens and backs them 1:1 with the referenced underlying shares.

Tenev said an issuer should have a say when a token changes the rights attached to its shares. He also said companies should approve products that replace their official shareholder records. Tenev further said issuers should become involved when a product creates new duties for the company or its transfer agent.

AMC Raises Concerns Over Robinhood Stock Tokens

AMC CEO Adam Aron first criticized Robinhood’s AMC-linked tokens publicly on September 3. Aron said AMC had no connection with Robinhood’s product and had not approved its creation. He questioned why Robinhood created a separate financial product linked to AMC shares without the company’s approval.

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous,…

— Adam Aron (@CEOAdam) September 3, 2026

Aron escalated the dispute on September 4 by demanding that Robinhood stop offering the AMC-linked product. He called the product a “fictitious synthetic equity market” and said it could confuse investors about their rights. Aron also argued that the product could weaken AMC’s ability to raise capital.

Aron threatened to take the dispute to the U.S. Securities and Exchange Commission. Robinhood Chief Legal Officer Dan Gallagher responded to Aron on X after the threat of regulatory action. Gallagher defended Robinhood’s interpretation of U.S. securities law and rejected Aron’s demand to stop the tokens. Tenev reinforced Gallagher’s position during a September 9 appearance on CNBC’s Squawk Box.

Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential.

U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience,… https://t.co/cfiu2c7Tvn

— Adam Aron (@CEOAdam) September 4, 2026

Tenev told CNBC that issuers control their shares but cannot control every separate security referencing those shares. Robinhood says its tokens do not change the rights or obligations attached to the underlying shares. In addition, its tokens do not alter AMC’s shareholder register or create new obligations for AMC. Robinhood uses a separate entity to issue the tokens and give buyers economic exposure to the referenced shares.

Regulators Face Growing Questions Around Tokenized Equities

The AMC dispute has raised questions about whether companies can block third parties from creating tokens linked to their shares. Several financial platforms use different structures to offer stock exposure through blockchain-based products. Some platforms work directly with stock issuers, while others use custodians or separate entities.

Other platforms have taken an issuer-backed approach that gives stock companies a direct role in token creation. Under that model, companies help create and support blockchain-based representations of their own securities.

The SEC could determine whether issuers can require approval before third parties create tokens linked to their shares. Meanwhile, Coinbase has opposed rules that would give stock issuers broad control over third-party tokenized securities. The company argues that issuers should not gain powers over financial products they cannot block in traditional markets. The CLARITY Act could also influence how lawmakers regulate digital assets and tokenized financial products.