AMC CEO says Robinhood tokenized its stock without consent

The dispute is less about AMC than about who controls the terms of synthetic equity exposure. Robinhood's wrapper gives international buyers price tracking without shareholder rights, and its offshore issuance keeps the arrangement outside the issuer's reach — which is precisely the friction Aron is naming. For tokenized-equity efforts generally, the open question is whether issuers can force consent, disclosure or branding limits on products built on their shares, or whether the wrapper model simply routes around them.