AMC Entertainment CEO Adam Aron has challenged Robinhood’s claim that its stock tokens are backed one-for-one by corresponding shares, asking whether reserve securities could be lent to short sellers. Robinhood says the products provide economic exposure to listed companies and dividend adjustments, but token holders do not receive shareholder voting rights or direct legal ownership. The tokens are issued by Robinhood Assets Jersey Limited, structured as tokenized debt securities or derivatives, and are unavailable to people in the United States. Aron’s statements dated Sept. 12 and Sept. 13 directed questions to Robinhood CEO Vlad Tenev and Chief Legal Officer Dan Gallagher after their public defense of the product. He provided no evidence that Robinhood currently lends shares assigned to token reserves, and Robinhood had not publicly answered the specific question as of Sept. 13. Tenev has argued that companies cannot automatically veto separate financial products referencing their shares, while Gallagher rejected AMC’s demand that Robinhood stop offering the tokens. No public AMC lawsuit or related U.S. Securities and Exchange Commission enforcement action had been identified by Sept. 13.