Robinhood CEO says companies shouldn't get veto over stock tokens in AMC feud
Robinhood CEO Vlad Tenev is defending the company's use of stock tokens against criticism from AMC Entertainment CEO Adam Aron. Tenev argues that these tokens are separate financial instruments that do not interfere with issuer rights, while Aron claims they create a synthetic market that threatens capital raising.
Why it matters
This dispute highlights the growing tension between traditional corporate governance and decentralized financial products that mirror real-world assets.
The comments, posted on X , add another chapter to Tenev's feud with AMC Entertainment CEO Adam Aron, who has demanded Robinhood stop offering tokens linked to AMC shares. Aron threatened to take the dispute to the U.S. Securities and Exchange Commission when he made the demand last week.
Tenev said the key question is not whether a product uses a blockchain but what rights it creates.
“A company should control the rights attached to its shares — not every lawful use of those shares once they're in investors' hands,” he wrote. “Going onchain shouldn't give the issuer a veto it never had offchain.”
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