Robinhood CEO Vlad Tenev argued Friday that companies should not hold veto authority over tokenized stock products that leave shareholder rights, issuer obligations, and official stock ledgers unchanged.
In a post on X, Tenev framed the issue of issuer consent around whether a tokenized product alters the rights attached to underlying shares or creates new obligations for the company or its transfer agent. If it does, he stated the issuer should be involved. However, Tenev contended that if the product creates a separate financial instrument holding or referencing freely transferable shares without changing the issuer’s rights, obligations, or shareholder record, consent should not be required.
Response to AMC Entertainment Criticism
The comments followed criticism from AMC Entertainment CEO Adam Aron on Sept. 4. Aron said AMC had no affiliation with Robinhood’s tokenized stock offerings and would ask securities counsel to review them.
Tenev explained that Robinhood Stock Tokens use a third-party structure with separately issued instruments backed 1:1 by underlying shares. The products provide economic exposure to stocks and exchange-traded funds without altering an issuer’s cap table or the rights attached to its shares.
“Going onchain shouldn’t give the issuer a veto it never had offchain,” Tenev said.
