Robinhood’s CEO, Vladimir Tenev, has directly countered AMC Entertainment’s recent challenge, asserting a core principle that tokenized stocks do not require issuer approval. His response, shared on the X platform, addresses the questions raised by AMC’s CEO Adam Aron on September 4.

Tenev laid out a clear standard for when tokenized stock products can operate without issuer consent: if the product is a standalone issuance tool, backed on a 1:1 basis by freely transferable shares, and does not alter shareholder rights, issuer obligations, or the company’s official stock ledger, then no approval is needed. This third-party structure is designed to give investors exposure to the returns of stocks and exchange-traded funds, while leaving the issuer’s ownership structure and the rights attached to its shares completely untouched.

Conversely, Tenev noted that issuers should only have a say when a product introduces new obligations. AMC Entertainment has reacted strongly to this position. Adam Aron has emphasized that the company has no affiliation with these products and has announced plans to hire securities legal counsel to conduct a strict review of the tokenized offerings, aiming to clarify legal responsibilities.

Tenev concluded that moving business onto the blockchain should not grant issuers a veto power they never held under traditional models. This stance signals that centralized trading platforms are attempting to use the principle of technological neutrality to strip away excessive control that issuers have historically wielded over derivative tools in the traditional financial system.