AMC Entertainment CEO Adam Aron has urged Robinhood to halt trading of tokenized AMC shares, saying AMC has no connection to, authorization of or endorsement of the product. Aron questioned the tokens’ legality and said outside securities counsel is reviewing the matter. Robinhood CEO Vlad Tenev responded, “What’s the concern?” Robinhood documents describe the tokens as tokenized debt securities that provide economic exposure to AMC shares without ownership rights. Meanwhile, Robinhood Chain meme token MEME, paired with tokenized AMC in a liquidity pool, surged to about $125.6 million in market value, briefly reaching $151.2 million.
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