Robinhood-AMC clash may speed US stock token rules

Robinhood has rejected AMC Entertainment’s demand to halt an AMC-linked token, turning a dispute over one of its 189 stock products into a test of how US rules may treat third-party tokenized equities. Summary Robinhood’s legal chief told AMC to send its lawyers after the theater chain demanded a trading halt. AMC token holders receive economic exposure but do not own shares or acquire shareholder rights. RedStone says issuer consent and securities registration will determine which tokenization models survive. SEC advisers have sought clear ownership disclosures and oversight for third-party tokenized securities. Robinhood chief legal officer Dan Gallagher refused AMC CEO Adam Aron’s demand to stop trading tokens tied to the company’s stock, writing on X that the brokerage would not “DECIST” before telling AMC to “send your lawyers.” Robinhood CEO Vlad Tenev backed Gallagher’s response minutes later, saying the company stood behind its Stock Tokens. The statements escalated a public disagreement that began when Aron said AMC had neither approved nor participated in the product. Robinhood-AMC clash moves from objection to legal threat Aron initially accused Robinhood of marketing a ...