AMC CEO Slams Robinhood AMC Stock Token as ‘Pseudo-Fake Market,’ Plans SEC Complaint

AMC Entertainment Holdings Inc.’s chief executive officer 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.

Adam Aron, AMC’s CEO, wrote on X that Robinhood’s AMC stock token “has nothing to do with AMC,” according to a Bloomberg report on September 4. He called the product “deplorable and absurd,” demanded that Robinhood immediately halt trading in the token, and said he would take the matter to the SEC.

Aron said the product amounted to a “pseudo-fake market” created in Jersey and argued that it could deepen mistrust across financial markets. With distrust of financial institutions already widespread, he said, the token could make matters worse. He also raised concerns that 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. Aron replied that they were “almost existential.”

According to Robinhood’s website, the stock token is a tokenized debt security issued by Robinhood Asset (Jersey) Ltd. It tracks the economic returns of U.S. stocks but does not grant legal rights or beneficial ownership in the underlying companies. The product is also not registered under U.S. securities law.

The dispute comes as the industry accelerates efforts toward 24-hour stock trading. Traditional exchanges including Nasdaq and the New York Stock Exchange are also pursuing tokenized stock initiatives, while the SEC is preparing a roundtable on September 17 focused on 24-hour trading in U.S. equities. AMC shares rose about 10% in premarket trading that day.