Robinhood CEO says companies shouldn't get veto over stock tokens in AMC feud

Robinhood CEO Vlad Tenev said companies should not have veto power over stock tokens, weighing in on a dispute involving AMC Entertainment. The comments highlight a broader debate over who should control the creation and distribution of blockchain-based products linked to public-company shares.

Stock tokens are digital instruments designed to provide exposure to, or represent an interest connected with, a stock. Their structure can vary widely, and they may not necessarily carry the same shareholder rights as directly held shares, depending on how the product is issued and regulated.

AMC, the theater chain, has been a prominent retail-investor stock in recent years. The company’s involvement in a token-related feud underscores the potential tension between issuers seeking control over their brands and securities, and platforms or crypto firms seeking to offer new forms of market access.

The issue also raises questions for regulators and market participants about investor disclosures, custody, settlement and whether tokenized products should be treated like conventional securities. Robinhood operates a major retail investing platform and has expanded its presence in crypto-related services.