Robinhood CEO Vlad Tenev said public companies should not automatically control third-party tokenized securities referencing their shares when the products do not change the underlying stock's rights. His comments followed AMC CEO Adam Aron's criticism of Robinhood's tokenized AMC exposure, which AMC says it neither approved nor condones. Robinhood says its Stock Tokens are separate instruments backed one-to-one by shares held in traditional markets, while Tenev argues that blockchain distribution should not give issuers an added veto over products linked to publicly traded equities. He said issuer approval should be required when a token changes the rights attached to the underlying stock, but not automatically when it provides exposure without modifying those rights. Tenev also linked tokenization to the securities industry's shift from physical certificates to electronic recordkeeping, as the SEC considers allowing blockchain ledgers to serve as official records of securities ownership.