Robinhood CEO Vlad Tenev defended AMC-linked tokenized stocks, saying public companies do not automatically control third-party financial instruments that reference their listed shares. The products are debt instruments issued by Robinhood Assets (Jersey) Limited under Regulation S and backed one-for-one by collateral shares. Token holders receive dividend distributions but no voting rights or direct ownership of the underlying stock. AMC Entertainment CEO Adam Aron has demanded that Robinhood stop trading the AMC-linked token, while the company continues an external legal review with no findings disclosed. Robinhood has not announced how it will vote the collateral shares, and no regulatory intervention had been announced through Wednesday. Pricing concerns also persist after an AMC-linked token pair reportedly traded at about 60 times AMC's share price.