Robinhood Rejects AMC Demand to Halt Stock Tokens — SkimNews
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- Robinhood rejected AMC’s demand to stop trading tokens tied to AMC stock, with chief legal officer Dan Gallagher telling AMC to “send your lawyers” and CEO Vlad Tenev saying, “We stand behind Stock Tokens.”
- AMC CEO Adam Aron accused Robinhood of marketing a security that poses as AMC stock without complying with U.S. securities laws, questioned its Jersey issuer, and threatened to raise concerns with the SEC; no lawsuit or investigation was announced.
- Robinhood Assets (Jersey) Limited disclosures describe the tokens as debt securities giving buyers price exposure without ownership of underlying AMC shares or rights against the company; the tokens are unregistered and unavailable to U.S. persons.
- CoinGecko reported $15.1 billion in first-quarter 2026 spot trading volume for tokenized stocks, while Robinhood introduced tokenized-stock trading for European customers last summer.
- Ashley Ebersole said the products’ offshore distribution and absence from Robinhood’s U.S. app leave no obvious U.S. securities-law claim, identifying trademark misuse and false association as AMC’s strongest potential angles.
- Daniel Lasko compared the arrangement to an ETF holding a company’s stock, disputed that it undermines U.S. capital markets, and argued that tokenized exposure can attract international investors who previously lacked access.
Why it matters: For AMC and Robinhood, the $15.1 billion Q1 2026 market for tokenized stocks makes the dispute about whether a tracking product can coexist with a company’s brand; buyers receive price exposure, not shares or shareholder rights, and no lawsuit or SEC investigation is announced.
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