Robinhood CEO Vlad Tenev said the company did not need AMC’s approval to launch a tokenized product linked to the theater chain’s stock, responding to AMC CEO Adam Aron’s accusation that the product created a “false market” unrelated to AMC. Aron called for Robinhood to halt trading and threatened to refer the matter to the U.S. Securities and Exchange Commission. Tenev said listed companies control the rights and obligations associated with issuing their shares but cannot control every financial product issued by other companies that references those shares. He said Robinhood’s stock tokens are backed 1:1 by the underlying shares, qualify as debt securities, provide holders with dividends but no voting rights, and that Robinhood has not disclosed whether it will exercise voting rights attached to the collateral shares. The dispute has fueled debate over the distinction between on-chain representations of real shares and derivatives that merely track share prices. Securitize CEO Carlos Domingo said one AMC-linked token briefly traded at about 60 times AMC’s reference share price.