AMC CEO Calls Robinhood’s Tokenized Shares ‘Vile’ and Sends In Securities Counsel

AMC Entertainment CEO Adam Aron said on X on Thursday that Robinhood is behind an effort to issue blockchain tokens tracking AMC stock, and that the theater chain wants nothing to do with it.

“I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile,” Aron wrote in the post. He wrote that the tokens are “not registered under U.S. securities laws” and asked, “How can it possibly be legal?” He added that AMC has “no connection to this at all, and do not condone it in any way.” By his account the offering covers AMC and “190+ other companies.”

Robinhood’s own disclosures, which Aron linked in his post, describe Stock Tokens as tokenized debt securities issued by Robinhood Assets (Jersey) Limited, a private company incorporated in Jersey under registration number 162428. Holders get economic exposure to a share price rather than legal ownership or shareholder rights. The documents state that the tokens “have not been and will not be registered under the U.S. Securities Act of 1933” and may be sold only outside the United States, to buyers who are not U.S. persons. Offers and sales are “subject to restrictions in other jurisdictions, including, without limitation, Canada, the United Kingdom, and Switzerland.”

Robinhood CEO Vlad Tenev answered Aron on X with a single question: “What’s the concern?”

The exchange revives a fight from 2025, when OpenAI said the tokens were not equity in the company and that it had neither partnered with nor endorsed the product. Robinhood kept building anyway, launching the public mainnet of its own Ethereum layer-2 network, Robinhood Chain.

Tokenized stocks tracked by RWA.xyz now hold about $2.77 billion in distributed value across 4,761 assets, up roughly 12% over 30 days. AMC shares closed at $2.54 on Thursday, just over an hour before Aron posted, and were at $2.64 in Friday premarket, up about 4% as of 9:16 a.m. ET.

Aron said his lawyers were already moving. “We immediately are going to have our outside securities counsel look into this.”

Related Listen: Should Tokenized Stock Only Come From Issuers? Yes, Says Carlos Domingo

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