Tenev hits back at AMC CEO over tokenized stock claims

Vlad Tenev, CEO of Robinhood, appeared on CNBC to back the firm's tokenized stock offerings, marking his first TV remarks after AMC's Adam Aron aired his complaints publicly.

Aron alleges that Robinhood is issuing unregistered tokens linked to AMC shares, breaching U.S. securities regulations, and has warned he will involve external lawyers and the SEC.

A Public Feud Over Stock Tokens

The conflict started when Robinhood, via Robinhood Assets Limited, expanded its tokenized stock product to include AMC and over 190 other companies without obtaining direct approval from those firms.

Aron responded angrily on X, saying the offerings allow Robinhood to give investors exposure to AMC shares without the company's participation, damaging the typical link between a firm and its shareholders.

In my opinion, one that is shared by others, that’s a terrible lapse in your judgement @vladtenev

Playing fast and loose with U.S. securities laws is not something that brings honor to Robinhood. It is not one that adds integrity or credibility to financial markets.

By your… https://t.co/6EIw0tqaeX

— Adam Aron (@CEOAdam) September 4, 2026

“I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.”
— Aron

When the public dispute initially emerged, AMC shares rose up to 15% in premarket trading as traders bought both the stock and associated tokens.

Tenev Says Issuers Cannot Control Everything

Tenev said on Wednesday during a CNBC interview that once a company's shares are publicly traded, that firm cannot control every financial product created based on them.

He characterized Robinhood's tokens as debt instruments fully collateralized by the underlying shares on a one-to-one basis. Token holders receive economic exposure to the stock but lack voting rights in the issuing company.

Dan Gallagher, Robinhood's chief legal officer and a former SEC commissioner, also responded publicly, defending the company's interpretation of U.S. securities law.

We know a little something about the U.S. securities laws and will not “DECIST.” Send your lawyers and we’ll educate them. https://t.co/hz8dH2bz8G

— Dan Gallagher (@DanGallagherDC) September 4, 2026

The dispute presents a key unresolved issue for regulators: whether a brokerage can create a tradable token based on any publicly traded stock without the issuer's approval. AMC's potential SEC complaint may provide the initial test of that boundary.