Robinhood The Chief Executive Officer Vlad Tenev responded to the controversy over tokenized stocks, stating that after a company goes public, it cannot decide whether other institutions will develop financial products around its stocks. This statement comes at a time when the disagreements between AMC and Robinhood regarding stock tokenization are intensifying.
Dispute focuses on the issuer's authority
Tenev indicates that listed companies can decide on the rights and obligations attached to the stocks they issue, but this does not mean they can control all external products related to those stocks. According to him, companies cannot prevent other companies from issuing securities that "refer to these stocks."
Tenev It also depends on the specific product structure whether the consent of the issuer is required. If the relevant product is issued by an independent entity and is backed by underlying stocks, then such tokenized securities should not be presumed to require permission from the listed company by default.
AMC publicly opposes the relevant arrangements
This response follows closely after the criticism from Adam Aron, the CEO of AMC. Aron believes that the tokenized stocks introduced by Robinhood have weakened the traditional relationship between listed companies and their shareholders, and have also sparked discussions in the market regarding shareholder rights and the identity of token holders.
Holding coins does not equate to directly holding shares.
Tokenization generally refers to the issuance of digital representations of real assets or securities on blockchain networks. Reports mention that holding such tokenized assets does not imply that the holder directly owns the corresponding underlying assets themselves.
This means that the rights arrangements for related products still depend on the issuance structure, as well as the correspondence between the tokens and the underlying stocks. This dispute has once again brought the legal attributes of tokenized securities to the forefront of market attention.
