Vlad Tenev, CEO of Robinhood, argued that publicly traded companies do not have the right to prevent the issuance of third-party tokenized products linked to their own stock. This contradicts Adam Aron, CEO of AMC Entertainment, who recently demanded that Robinhood stop offering AMC stock-linked tokens. Tenev stated, "Companies should control the shareholder rights granted to their stock, but they should not control the legitimate use of stock once it has passed to investors." Robinhood's stock tokens are 1:1 collateralized by actual shares, but it is explained that they are a separate financial product where token holders are not listed on the company's shareholder register and only have economic exposure. Previously, Aron criticized Robinhood's AMC stock tokens as a 'fictional synthetic stock market' and demanded their discontinuation, stating that he would raise the issue with the U.S. Securities and Exchange Commission (SEC) if necessary.
