AMC Entertainment chief executive Adam Aron publicly condemned Robinhood on Wednesday for issuing tokens that track his company's share price without AMC's involvement.

In a post on X, Aron called the practice "contemptible, outrageous, disgusting, detestable, inexcusable, vile," said AMC has no connection to it and does not condone it, and asked how it could possibly be legal. He noted that the tokens are not registered under U.S. securities laws, and said the company would be instructing outside securities counsel to look into the matter "immediately." Aron also said Robinhood's program covers more than 190 companies.

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!! I find this practice to be contemptible, outrageous,… — Adam Aron (@CEOAdam) September 3, 2026

https://x.com/CEOAdam/status/2095622531524784212?ref_src=twsrc%5Etfw

According to Robinhood's own documentation, Stock Tokens are tokenized debt securities issued by Robinhood Assets (Jersey) Limited, giving holders economic exposure to a share price without any legal or beneficial rights in the underlying security or against the company that issued it. Under that description, an AMC token holder has no claim on AMC at all — a distinction that matters for retail buyers who might assume they are purchasing a stake in the theater chain, and for AMC itself, whose brand and shareholder communications play no role in the product.

The tokens are not registered in the United States and cannot be offered or delivered to U.S. persons, a term Robinhood's disclosures borrow from Regulation S. They are further restricted in Canada, the U.K., and Switzerland. The base prospectus was approved by Liechtenstein's Financial Market Authority under EU rules. Robinhood's issuer page says the Jersey entity "is not regulated," and that the consents it holds there amount to neither supervision nor endorsement.

The dispute lands amid a broader push by trading platforms and crypto firms into tokenized real-world assets, a market pitched as a way to settle traditional securities on blockchains around the clock. Whether the issuers of those underlying companies must consent — or even be informed — remains one of the central unresolved questions, and Aron's threatened legal review adds a public-company challenge to a structure that so far has drawn mostly statements from the firms being tokenized rather than formal action.

Robinhood and tokenized stocks

The company airdropped tokens tracking OpenAI and SpaceX to European users last year. OpenAI said it had not partnered with Robinhood, was not involved, and did not endorse the product, adding that any transfer of its equity required approval it had not given. Robinhood chief executive Vlad Tenev called the launch a milestone and said thousands of private companies could follow.

Days after that rollout, SEC Commissioner Hester Peirce warned that blockchains do "not have magical abilities to transform the nature of the underlying asset."

Earlier this year, Anthropic and OpenAI warned that unauthorized vehicles selling exposure to their shares could leave buyers with nothing. AMC's move is the most prominent protest yet from a publicly listed company rather than a private one, and what its outside counsel concludes — and whether U.S. or EU regulators respond — will shape how far tokenized stock programs can extend without issuer consent.