Robinhood Defies AMC Over Token Control in Growing Market

The dispute between Robinhood and AMC Entertainment over blockchain-linked tokens has highlighted concerns about issuer control over tokenization of stock. Robinhood has refused to stop trading the tokens, citing its understanding of US securities laws.

AMC CEO Adam Aron claimed that Robinhood was offering tokens associated with more than 190 companies without their knowledge or consent, and questioned investor protections for token buyers.

RH's head of legal, Dan Gallagher, responded to Aron's concerns by saying 'Send your lawyers and we'll educate them.'

The controversy has raised questions about ownership, control, and regulatory oversight in the rapidly growing market of tokenized equities. Tokenized stocks have grown from $2.5 billion at the start of 2026 to $13.4 billion by September 1.