AMC CEO Adam Aron Demands Robinhood Halt Tokenized AMC Shares, Calling Them 'Contemptible' and 'Vile'
AMC Entertainment CEO Adam Aron publicly attacked Robinhood over its tokenized AMC shares, calling the offering “contemptible” and “vile,” according to Decrypt. Aron said AMC has no connection to the tokens and is putting outside securities counsel on the matter, per Decrypt.
According to Cointelegraph, Aron argued the tokens are unregulated in the US and said he would request an investigation from external securities counsel. CoinDesk reported that Aron told Robinhood to stop issuing the stock token as other industry executives weighed in on the dispute.
The Defiant reported that Aron posted a message telling Robinhood to “CEASE AND DECIST” trading of AMC stock tokens, and that AMC’s securities counsel is examining whether it can force a halt. Robinhood’s Chief Legal Officer Dan Gallagher responded, “Send your lawyers and we’ll educate them,” according to The Defiant, which also reported that the token’s onchain supply had grown from 157,844.
The Block reported that AMC’s stock price jumped AMC stock jumps 21% overnight as CEO slams Robinhood over ‘outrageous’ tokenized shares.
overnight following Aron’s comments. The Block also noted that OpenAI previously made a similar criticism of Robinhood’s tokenized equities, saying it had not approved the transfer of its shares.
Sources: CoinDesk, The Block, Decrypt, Cointelegraph, The Defiant
This article is for information only and is not financial advice.
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