AMC CEO Slams Unauthorised Tokenisation of AMC Stock on Robinhood Chain

AMC CEO Adam Aron publicly condemned the appearance of a tokenised version of AMC Entertainment’s shares on Robinhood’s proprietary blockchain, Robinhood Chain. Aron said the listing was created without any notification or consent from AMC, prompting a heated exchange with Robinhood CEO Vlad Tenev on the social platform X.

Robinhood’s tokenised stock programme

Robinhood Chain, launched on July 1, offers tokenised representations of more than 190 publicly traded companies. The tokens are issued by Robinhood Assets (Jersey) Limited, an affiliate incorporated in the Channel Islands. They provide synthetic price exposure to the underlying equities but do not convey ownership, voting rights, dividend rights or the shareholder protections afforded by U.S. securities law.

AMC’s reaction and concerns

Aron described the tokenisation as “almost existential” for AMC, noting that the company spends millions annually on SEC compliance, audits and legal filings, while Robinhood’s offshore tokens replicate the economic exposure without any of those obligations. He warned that the practice could create a parallel market that bypasses U.S. regulatory oversight and deprives companies of revenue from the fees generated by the tokens.

Regulatory backdrop

The dispute coincides with a SEC round‑table on 24‑hour trading scheduled for September 17, which will include participants such as BlackRock, Nasdaq, NYSE, Robinhood and Citadel. The AMC‑Robinhood clash highlights the need for regulators to address tokenised stock instruments that are issued outside U.S. jurisdiction.

Implications for other companies

Among the 190 tokenised firms are large caps such as Apple, Tesla, Microsoft and Nvidia. If the current model persists, any public company could find its stock tokenised offshore without its involvement, raising questions about who captures the economic value and how investor protections are maintained.

Key points

• Robinhood Chain lists tokenised stocks issued by an offshore Jersey entity.
• The tokens provide price exposure only; they lack ownership, voting or dividend rights.
• AMC was unaware of its token’s existence until it was flagged on social media.
• Aron’s public statements frame the issue as a regulatory and corporate‑governance concern.
• The situation adds urgency to ongoing SEC discussions about extended trading and tokenised securities.