Robinhood Stock Tokens Legal Debate Over AMC Shares
Robinhood CEO Vlad Tenev pushed back this week against the idea that companies should have automatic veto power over how their shares get turned into tradable crypto assets, reigniting a public fight with AMC Entertainment over the legal footing of Robinhood stock tokens. Speaking on CNBC‘s “Squawk Box” on Wednesday, Sept. 9, Tenev laid out why he believes issuers don’t get the final word on every product that references their stock — even as he admitted that holders of these tokens get none of the voting power that comes with owning real shares. Key takeawaysVlad Tenev said Robinhood stock tokens “should not automatically require issuer consent” because they are separate securities issued by a different legal entity.The tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited (RHJ), not direct AMC shares, and are backed one-for-one by underlying stock held with U.S. custodian Alpaca Securities LLC.Token holders get economic exposure and dividend-linked reinvestment benefits but no voting rights or legal ownership in AMC.AMC CEO Adam Aron says the structure “decouples stock token ownership from a companys ability to control its own capital raising efforts.”Whether AMC has any legal authority to force Robinhood to stop the product remains unresolved. Robinhoods Stock Tokens









