Robinhood’s tokenized-stock experiment faced renewed scrutiny after an AMC-linked token on Robinhood Chain briefly surged to $18.04, even as AMC Entertainment shares remained below $3. The token later fell toward $3 and stabilized near $2.67, while AMC shares closed Friday near $2.65, up about 4.3%. AMC Entertainment CEO Adam Aron demanded that Robinhood stop trading AMC-linked tokens and said the company had asked securities lawyers to assess whether it could force a halt. Robinhood rejected the demand, with Chief legal officer Dan Gallagher telling Aron to send his lawyers and CEO Vlad Tenev saying the company stood behind Stock Tokens. Robinhood describes the products as tokenized debt securities issued by Robinhood Assets (Jersey) Limited, offering economic exposure to U.S. stocks and ETFs without legal or beneficial ownership rights. The tokens are not registered under U.S. securities laws and cannot be offered to U.S. persons, according to Robinhood’s documentation. The episode also highlighted a separate infrastructure issue: Robinhood Chain continued producing blocks, but its transaction-data submissions to Ethereum paused twice on Sept. 4 for a combined 14 minutes. The price spike and data gaps underscore unresolved risks as stock-linked instruments trade continuously outside traditional U.S. market hours.