AMC Entertainment CEO Adam Aron publicly criticized Robinhood's tokenized AMC stock product on Thursday, taking to X to denounce the offering as "despicable" and "outrageous." Aron stated that AMC has "absolutely nothing to do with this product" and does not endorse it, and revealed that the company will instruct outside securities legal counsel to investigate the matter. Robinhood's stock tokens are derivatives that provide holders with economic exposure to U.S. stocks but do not confer ownership rights. The conflict emerges as tokenized stocks are gaining traction among crypto exchanges, brokerages, and Wall Street institutions, with Robinhood placing tokenization at the core of its crypto expansion. Last year, the platform launched tokens tracking hundreds of U.S. stocks and ETFs, and it is building its own blockchain to support tokenized assets. Previously, OpenAI also publicly denied any association with a Robinhood token bearing its name, stating it was not equity and that there was no partnership or endorsement. AMC's opposition brings the controversy to the public company level, highlighting the regulatory and ethical challenges of tokenized securities.
AMC Entertainment CEO Adam Aron took to X (formerly Twitter) on Thursday to criticize Robinhood's tokenized AMC stock product, stating that the company "has absolutely nothing to do with this product and does not endorse it."
Aron accused Robinhood of advancing a "tokenized real-world asset plan" involving AMC, calling the move "despicable" and "outrageous." He said AMC will instruct outside securities legal counsel to investigate the matter.
Robinhood's stock tokens are derivatives that provide holders with economic exposure to the underlying U.S. stocks but do not grant ownership of the shares. Other tokenization models include custodians holding traditional stocks and issuing tokens as backing, or issuers authorizing registered shares directly on-chain.
The dispute comes as tokenized stocks are gaining traction among crypto exchanges, brokerages, and Wall Street firms. Blockchain rails enable 24/7 trading, faster settlement, and wider distribution. Robinhood has made tokenization a core part of its crypto expansion, launching tokens tracking hundreds of U.S. stocks and ETFs last year and building its own blockchain to support tokenized assets.
Previously, OpenAI also publicly denied any association with Robinhood's token bearing its name, stating it was not OpenAI equity and that there was no partnership or endorsement. AMC's opposition brings the controversy to the public company level.
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