Tokenized stocks reached $2.91 billion across 2.67 million holders, while a public dispute involving AMC Entertainment Chief Executive Adam Aron, Robinhood and the companies building these products has broadened into a debate over which of three incompatible structures should become standard. Robinhood uses linked securities (synthetic exposure issued by a third party), while Ondo, xStocks and Dinari use custodial arrangements and Securitize and Superstate place issuers' registered shares onchain. The structure determines what investors own, which securities laws apply and what claims they may have in a bankruptcy. Industry participants also disagree over whether the main problem is investor rights, trading venues, supply constraints or price slippage. The SEC's Division of Corporation Finance outlined the three categories on Jan. 28.