Robinhood rejected AMC Entertainment CEO Adam Aron’s demand to stop offering an AMC-linked Stock Token. Chief Legal, Compliance, and Corporate Affairs Officer Dan Gallagher said Robinhood would not "DECIST," repeating the misspelling in Aron’s demand, while CEO Vlad Tenev said, "We stand behind Stock Tokens." Robinhood’s documentation describes Stock Tokens as tokenized debt securities issued by Robinhood Assets (Jersey) Limited, or RHJ, providing economic exposure to a referenced stock or exchange-traded fund without legal or beneficial ownership in the referenced company. The AMC-specific instrument references AMC common stock, but holders are RHJ creditors without AMC voting, meeting, pre-emption or direct dividend rights; dividends and stock splits are reflected through product mechanics, including an onchain multiplier. Aron called Robinhood’s tokenization of AMC and other U.S. equities illegal, said AMC had no connection to or approval of the token, questioned the separation of economic exposure from ownership and capital raising, and said AMC’s outside securities counsel would examine the matter before taking it to the Securities and Exchange Commission (SEC). Robinhood’s prospectus says the securities are unregistered under U.S. securities laws and cannot be offered, sold or delivered in the United States or to U.S. persons. No regulator decision has been established. The dispute also drew criticism over investor protection, liquidity and pricing, including a report that an AMC-linked pair on Robinhood Chain traded at roughly 60 times AMC’s share price amid thin liquidity and limited arbitrage.