AMC CEO Slams Unauthorised Tokenisation of AMC Stock on Robinhood Chain

AMC CEO Adam Aron publicly condemned Robinhood’s creation of a tokenised version of AMC stock on the platform’s proprietary blockchain, Robinhood Chain, after discovering the token existed without any notification or consent from AMC.

Robinhood’s tokenised stock programme

Robinhood operates a blockchain called Robinhood Chain, launched on July 1. Through its Channel Islands affiliate, Robinhood Assets (Jersey) Limited, the firm has issued tokenised versions of more than 190 publicly traded companies, including AMC, Apple, Tesla, Microsoft and Nvidia. The tokens are synthetic exposure instruments that do not convey ownership, voting rights or shareholder protections, and are not registered under U.S. securities law.

AMC’s reaction and the corporate dispute

Aron’s response on X (formerly Twitter) listed six strong adjectives – “contemptible, outrageous, disgusting, detestable, inexcusable, vile” – and he described the tokenisation as “almost existential” for AMC. He argued that AMC spends millions annually on SEC compliance, while Robinhood’s offshore tokens replicate the economic exposure of AMC stock without bearing any of those regulatory obligations.

Regulatory implications

The dispute coincides with a SEC‑hosted 24‑hour trading round‑table scheduled for September 17, featuring major market participants. The AMC‑Robinhood clash highlights a gap in current regulation: tokenised securities issued from offshore jurisdictions can be created without the issuer’s consent and without U.S. registration, raising questions about investor protection and market integrity.

Key points about the tokenised instruments

• They are tokenised debt securities, not actual shares.
• Holders receive price exposure but no voting rights or dividend entitlements.
• The issuing entity, Robinhood Assets (Jersey) Limited, operates outside U.S. securities law.
• U.S. investors are not permitted to purchase these tokens.

Potential broader impact

If the model is replicated for other large public companies, a parallel market could emerge that monetises the regulatory compliance of U.S. issuers without sharing any of the associated revenue or obligations.