Robinhood CEO says issuers should not have veto over tokenized stocks
Robinhood CEO Vlad Tenev said companies should not have veto power over tokenized stock products if those products do not alter shareholder rights, issuer obligations, or the company’s official stock ledger. He argued issuer consent matters only when a tokenized product changes the rights attached to shares or creates new obligations for the company or its transfer agent. If the product is a separate financial instrument that references or holds freely transferable shares without affecting those rights or records, he said issuer approval should not be needed. Tenev’s remarks followed AMC CEO Adam Aron’s criticism of Robinhood’s tokenized stock offerings, which AMC said it had no affiliation with and would review with securities counsel. Tenev said Robinhood Stock Tokens use a third-party structure backed 1:1 by underlying shares and provide exposure to stocks and ETFs without changing an issuer’s cap table.
