Robinhood has rejected AMC Entertainment CEO Adam Aron’s demand to stop offering an AMC-linked Stock Token, with CEO Vlad Tenev saying the company stands behind the product. The dispute centers on whether the instrument’s economic exposure to AMC shares can be separated from the ownership rights attached to those shares. Robinhood’s documentation describes Stock Tokens as tokenized debt securities issued by Robinhood Assets (Jersey) Limited, or RHJ, rather than equity in the referenced company. Holders are creditors of RHJ and receive no voting, meeting, pre-emption, direct dividend, legal or beneficial ownership rights in AMC. The AMC-specific terms identify RHJ as issuer and AMC common stock as the reference asset, while dividends and stock splits are reflected economically through product mechanics including an onchain multiplier. The prospectus says the tokens are unregistered under U.S. securities laws and cannot be offered, sold or delivered in the United States or to U.S. persons. AMC says the structure could confuse economic exposure with share ownership, separate trading from AMC’s capital-raising process and deny holders shareholder rights; Aron also said AMC would take the matter to the Securities and Exchange Commission. Robinhood’s chief legal, compliance and corporate affairs officer Dan Gallagher said the company would not “DECIST,” repeating the misspelling in Aron’s demand, and told AMC to send its lawyers. Aron’s concerns remain allegations from AMC, and no regulator decision on the instrument has been established. The confrontation recalls January 2021, when Robinhood restricted purchases of AMC, GameStop and other securities by placing them in position-closing-only status during the meme-stock market frenzy.