Finance04 September, 20262 min read
Adam Aron Slams Robinhood’s Tokenized AMC Stock Plan, Threatens SEC Complaint
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Adam Aron criticized Robinhood's AMC stock token plan as unregulated in the US. He plans to file an SEC complaint about the token plan.
Aron vs Robinhood
AMC Entertainment Holdings CEO Adam Aron attacked Robinhood’s tokenized AMC stock offering, writing on X that it “has nothing to do with AMC” and calling the product “deplorable and absurd.”
Aron said he plans to raise the issue with the U.S. Securities and Exchange Commission after Robinhood launched a token tied to the company’s stock, and he demanded that Robinhood immediately halt trading in the token.
In the same dispute, Aron argued the product amounts to a “pseudo-fake market” created in Jersey and said it could deepen mistrust across financial markets.
Bloomingbit also reported that Aron raised concerns the structure could confuse investors about what they actually own, strip them of voting rights, and limit companies’ ability to raise capital.
Robinhood CEO Vlad Tenev responded on X by asking what the concerns were, and Aron replied that they were “almost existential.”
SEC and registration
Bloomingbit said Robinhood’s stock token is a tokenized debt security issued by Robinhood Asset (Jersey) Ltd., tracking the economic returns of U.S. stocks but not granting legal rights or beneficial ownership in the underlying companies. The same source added that the product is also not registered under U.S. securities law, and it framed the dispute as the industry accelerates efforts toward 24-hour stock trading. Bloomingbit reported that the SEC is preparing a roundtable on September 17 focused on 24-hour trading in U.S. equities, while traditional exchanges including Nasdaq and the New York Stock Exchange are also pursuing tokenized stock initiatives.
TradingView reported that Aron wrote on X that the tokens are “escandalosa” and that they are not registered under U.S. securities laws, while also saying an advisor in securities will investigate the matter. TradingView further stated that Aron said these actions may not be offered to investors in the United States and are subject to restrictions in Canada, Switzerland and the UK.
Tokenization expansion
Cointelegraph said Aron criticized Robinhood’s tokenized stock offerings for being unregulated in the US and reiterated that he will request an investigation from an external securities counsel. Cointelegraph reported that Robinhood’s stock tokens are an “outrageous” offering with no affiliation to AMC, and it added that Aron said the stocks may not be offered to US investors and are subject to restrictions in Canada, Switzerland and the UK. Cointelegraph also described Robinhood’s rollout, saying the first generation of stock tokens launched in July 2026 as tokenized debt securities issued by Jersey-based Robinhood Assets as ERC-20 tokens.
The same source said that in February Robinhood launched a public testnet for Robinhood Chain, its Ethereum layer‑2 network built using Arbitrum technology to host tokenized assets. Cointelegraph reported that in October 2025 Robinhood shared plans to tokenize nearly 500 US stocks and ETFs on Arbitrum, and it said Bernstein analysts raised their price target in July 2026 predicting growth driven by tokenized equities and prediction markets.