The stock token debate, and the gap nobody can close alone

In the wake of their social media dust-up, an argument over which kind of token is legitimate has ensued: a wrapped token, which is a claim on the underlying share, or an issuer-sponsored token registered with the transfer agent. The SEC issued a view on Sept. 17, granting a five-year exemption that lets tokenized U.S. stock trade onchain in the U.S. only where the token carries the same dividends, votes and class rights as the share. Synthetic exposure like Robinhood’s tokenized stock is excluded.

Across seven sessions between August 31 and September 9, Robinhood’s AMC token closed within 0.87% of AMC’s NYSE close price at the median, and 2.71% at the widest, as measured in the Uniswap pool that carries around 95% of its trading. While the underlying market is open, the price remains largely aligned.