AMC CEO demands Robinhood stop trading AMC stock tokens, threatens legal action

AMC Entertainment CEO Adam Aron called on Robinhood to stop trading tokens linked to AMC shares and warned that the company could take legal action.

The outspoken chairman responded to Robinhood CEO Vlad Tenev, who questioned the concerns raised by the AMC chairman in his earlier statement criticizing the brokerage’s tokenized stock.

In his latest post, Aron said synthetic equity tokens could interfere with AMC’s capital-raising efforts, leave token holders without traditional shareholder rights and establish a parallel market operating under AMC’s name without its approval. He also raised questions about Robinhood’s use of an offshore structure and the products’ compliance with US securities regulations.

Aron further accused Robinhood of potentially undermining trust in financial markets and said AMC would ask the SEC how the products could be permitted.

He urged Robinhood to “cease and desist” from trading AMC stock tokens and said the company intends to bring its concerns to the SEC.

“I also wonder how can the SEC possibly support your sham ignoring of US securities laws. You can be sure we will be asking them,” Aron stated.

Tenev and Robinhood’s legal chief, Dan Gallagher, pushed back on Aron’s demand. Gallagher said the brokerage knew “a little something” about the US securities laws and would defend its position.

“Send your lawyers and we’ll educate them,” Gallagher stated.

Tokenized equities have rapidly moved into the spotlight across digital and traditional finance this year, bringing growing attention to the different ways stocks can be represented onchain.

Stock tokens can simply mirror a stock’s price through synthetic instruments, represent shares held by regulated custodians, or place actual shares onchain through issuer-backed structures that preserve shareholder rights.

AMC shares jumped 6% intraday as the debate intensified, while several AMC-themed meme coins were launched and saw sharp gains.