AMC CEO Adam Aron Again Criticizes Robinhood Stock Tokens, Questions 1:1 Backing

Aron's pushback lands on the least-settled part of the tokenized-equity model: whether a 1:1 claim survives the ordinary practice of lending the underlying shares. That question is structural, not personal, and it applies to any issuer offering token exposure to a single stock. The Jersey entity adds a jurisdictional layer that regulators and counterparties have yet to test. Whether Robinhood answers the lending question directly, and whether other token issuers face the same scrutiny, is the open question.