Robinhood's chief legal officer, Dan Gallagher, responded to AMC CEO Adam Aron's demand to stop trading stock tokens. Gallagher owns that Robinhood will not comply with the request, and CEO Vlad Tenev expressed support for the product. Company's top lawyer challenged AMC to pursue legal action.
AMC claims that these tokens are unregistered securities that undermine shareholder rights and capital raising. However, Robinhood Assets (Jersey) Limited issues these tokens as debt securities, and they are not offered or sold to U.S. persons or within the United States.
According to CoinGecko, the spot trading volume for tokenized stocks grew to $15.1 billion in the first quarter of 2026. Legal experts suggest that as long as clear disclosures distinguish tokens from actual shares, AMC's legal options may be limited.
