Robinhood CEO Vlad Tenev has defended the creation of tokenized AMC exposure without AMC’s prior approval, arguing that issuers should not automatically control blockchain products referencing their shares. AMC CEO Adam Aron harshly criticized this practice, calling it contemptible and outrageous, and questioning how it could be legal. Tenev proposes a test whereby issuer approval should only be necessary if the token modifies the rights associated with the underlying stock, but not if it is simply a separate financial instrument backed by existing shares. The SEC is considering allowing blockchain ledgers as the official legal record of securities ownership, which could open US stocks to global investors.
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