Robinhood rejected AMC Entertainment CEO Adam Aron's demand to stop trading an AMC-linked Stock Token, with Chief Legal, Compliance, and Corporate Affairs Officer Dan Gallagher saying the company would not withdraw the product and CEO Vlad Tenev backing it. Robinhood's documents describe Stock Tokens as tokenized debt securities issued by Robinhood Assets (Jersey) Limited, or RHJ, that provide economic exposure to a referenced stock or exchange-traded fund without granting ownership in that company. The AMC-specific instrument references AMC common stock, while holders are creditors of RHJ and receive no AMC voting, meeting, pre-emption, or direct dividend rights. Dividends and stock splits are reflected through the product's mechanics, including an onchain multiplier. The prospectus says the securities remain unregistered under U.S. securities laws and cannot be offered, sold, or delivered in the United States or to U.S. persons. Aron said AMC had no connection to the token, raised concerns about the separation of exposure from ownership and capital raising, and said the company would take the issue to the Securities and Exchange Commission (SEC). The public record currently shows AMC's threatened legal and regulatory scrutiny and Robinhood's refusal to withdraw the product, with no regulator decision established. The confrontation echoes Robinhood's Jan. 28, 2021 decision to place AMC, GameStop and other securities into position-closing-only status during the meme-stock market frenzy, but the current dispute concerns a separate debt instrument rather than direct share trading.