A dispute has erupted between AMC CEO Adam Aron and Robinhood CEO Vlad Tenev over the tokenisation of stocks. Aron publicly condemned Robinhood for offering tokenised AMC exposure without the company’s consent, calling the practice “contemptible” and “outrageous.” Tenev countered that once shares are publicly traded, the issuer does not automatically control how third parties reference those shares. He proposed a test: issuer approval should be required only if the token alters the rights of the underlying stock. Tenev also argued that tokenisation could expand global access to U.S. stocks, drawing comparisons to past shifts in recordkeeping.
Vlad Tenev has defended Robinhood’s tokenised stock products after Adam Aron publicly criticised the practice. Aron, CEO of AMC, stated on X: “I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal?”
Tenev responded in a CNBC Squawk Box interview: “Issuers should have control and do have control over the rights and obligations of the stock that they issue, but that doesn’t mean they control everything about it.” He argued that other companies issuing their own securities referencing those shares should not automatically require issuer consent.
Under Robinhood’s structure, each token represents a separate instrument backed one-to-one by shares held in traditional markets. Tenev stated that blockchain distribution does not grant the original company additional veto powers. Joris Delanoue, CEO of Fairmint, also criticised Tenev, posting that backing is not the same as ownership.
Tenev proposed a basic test: issuer approval should be necessary if the token changes the rights of the underlying stock. However, if the token is a separate instrument backed by existing shares that does not modify those rights, permission should not automatically be required. “Issuer consent depends on what exactly you’re doing,” he said.
Tenev also argued tokenisation could make U.S. stocks accessible globally. He cited the 1960s paperwork crisis, when physical stock certificates overwhelmed the industry, prompting a move to electronic recordkeeping. The SEC has since proposed allowing blockchain ledgers to serve as the official legal record of securities ownership.
