Robinhood CEO says companies should not block stock-linked token issuance

Robinhood CEO Vlad Tenev argued that listed companies do not have the authority to block third parties from issuing tokenized products linked to their shares, pushing back against AMC Entertainment CEO Adam Aron’s recent demand that Robinhood halt its AMC stock-linked token offering. Tenev said companies should control the shareholder rights attached to their stock, but should not control the lawful use of shares once investors own them. He also said Robinhood’s stock tokens are separate financial products backed one-to-one by actual shares, although token holders are not entered on a company’s shareholder registry and only have economic exposure. Earlier, Aron criticized Robinhood’s AMC stock token as a fictional synthetic stock market, called for the offering to be halted, and said Aron could raise the issue with the U.S. SEC if necessary.