AMC CEO Says Robinhood Tokenized AMC Stock Without Consent

Odaily reports: Adam Aron, CEO of U.S. cinema operator AMC Entertainment, stated that Robinhood tokenized AMC stock without the company's consent, calling the product "disgusting."

Robinhood CEO Vlad Tenev stated that the company does not need consent, and that the product is designed to meet international investors' demand for exposure to U.S. equities.

The controversial product is issued by a Robinhood offshore subsidiary and constitutes a debt security. The token tracks the stock price, but buyers do not own the underlying shares, an industry structure for such synthetic products known as a "wrapper." (CoinDesk)