Robinhood CEO Says Issuers Shouldn't Have Veto Power Over Stock-Linked Tokens

Vlad Tenev, CEO of Robinhood, has emphasized that issuers should not have the right to block stock-linked token products that do not change shareholder rights or corporate obligations. The comments come in response to AMC Entertainment's recent opposition to Robinhood's AMC-linked product.

Speaking on X (formerly Twitter), Tenev stated that whether issuer consent is required depends on whether the tokenized product alters existing shareholder rights, corporate duties, or official share registries. If it does not change these elements, then issuers should not have a veto. The Robinhood stock tokens are not actual shares but tokenized debt securities backed 1:1 by underlying shares held in custody. Token holders gain economic exposure to price movements but do not hold legal ownership or voting rights.

AMC CEO Adam Aron criticized the product last week, stating AMC had no involvement in its issuance or operation and would seek legal review from external securities lawyers. Tenev's position highlights a growing regulatory debate over whether companies should have approval rights for tokenized products based on their shares.