CEO Vlad Tenev stated on September 9, 2026, that public companies cannot restrict the creation of financial products that track their shares. This follows a public dispute with AMC Entertainment CEO Adam Aron, who criticized the tokenized stocks as a fake market and threatened to involve the SEC.
Robinhood issues these tokenized stocks as debt securities through a separate entity rather than the companies themselves. The products track the price and dividends of U.S.-listed shares on a 1:1 basis, providing economic exposure to non-U.S. investors without granting voting rights or traditional shareholder status.
The products are currently available in more than 120 countries, including European markets, but remain inaccessible to U.S. investors. Robinhood is waiting for regulatory clarity before launching these offerings domestically.
Tenev advocates for a formal U.S. regulatory framework for tokenized stocks. He argues that such products offer benefits like reduced settlement risk and broader market access compared to traditional brokerage infrastructure.
