Robinhood CEO Vlad Tenev has intensified his defense of stock tokens, arguing that public companies should not be able to block third parties from creating blockchain-based products linked to their shares. The comments deepen a dispute with AMC Entertainment CEO Adam Aron, who has demanded that Robinhood stop offering tokens tied to AMC shares and threatened to take the issue to the U.S. Securities and Exchange Commission (SEC), the federal securities regulator. Tenev says the relevant test is the rights a product creates, not whether it uses blockchain. Robinhood launched its stock tokens outside the U.S. this year, covering hundreds of American stocks and ETFs. He says the tokens are separate financial instruments backed 1:1 by underlying shares, giving investors economic exposure without adding token holders to a company's shareholder register or changing the rights attached to its stock. Aron calls the product a fictitious synthetic equity market that could affect AMC's capital raising, confuse investors and create a market using AMC's name without consent. Tenev counters that options, unsponsored American depositary receipts and structured products already reference public shares without issuer control. He says issuer involvement should apply when a product changes shareholder rights, replaces the official stock ledger or creates new obligations for the company or its transfer agent. The broader debate concerns competing models for putting stock exposure on blockchains, including synthetic products, custodied conventional shares and issuer-backed shares recorded directly onchain.