AMC Entertainment CEO and Chairman Adam Aron launched a sharp public attack on Robinhood over its tokenized AMC product, saying the movie theater chain had no connection to the token and did not approve or endorse it. In a Thursday post on X, Aron criticized Robinhood stock tokens for lacking U.S. securities registration, called the practice contemptible, outrageous and disgusting, and said AMC had instructed outside securities counsel to review the matter. Robinhood CEO Vlad Tenev replied publicly, “What’s the concern?” Robinhood’s documentation states the instruments are not shares in the companies they track but tokenized debt securities issued by Robinhood Assets (Jersey) Limited that give economic exposure without ownership, voting rights or other shareholder rights; they are ERC-20 assets unavailable to U.S. residents and cover more than 190 stocks and ETFs. Legal analysis around the dispute notes that the absence of U.S. registration alone does not establish illegality, because SEC Regulation S can allow offshore offerings to non-U.S. persons under set conditions, and Robinhood bars the tokens from U.S. persons. Aron has also pressed Robinhood to halt AMC stock-token trading, warned of forced blocking review and said he would raise the issue with the SEC. OpenAI previously rejected similar Robinhood-linked tokens. Community trading tied to the feud drove MEME, read as “A Meme Coin,” to a brief market capitalization near $150 million and about $126 million thereafter after a more than 6,500-fold surge, while CONCERN topped $1 million after users linked it to Tenev’s reply. AMC shares closed Thursday at $2.54, down 3.79%, before trading near $2.90 in Friday premarket, up about 14.17%.