AMC Entertainment Holdings CEO Adam Aron praised Paul Atkins, Chairman of the U.S. SEC, for issuing the “Innovation Exemption” plan.

  • The SEC approved a five-year “Innovation Exemption” plan for eligible Tokenized Securities Venues (TSVs), allowing them to trade tokenized National Market System stocks without being classified as exchanges under the Securities Exchange Act of 1934.
  • Aron also called on Robinhood’s CEO Vlad Tenev and Chief Legal Officer Daniel Gallagher to implement this globally.
  • Earlier this month, Aron harshly criticized Robinhood’s tokenized AMC stock offerings, arguing that the tokens do not represent actual ownership of AMC shares or provide shareholders with the same rights.

AMC Entertainment Holdings (AMC) CEO Adam Aron praised the U.S. Securities and Exchange Commission for paving the way for on-chain trading of tokenized U.S. stocks by temporarily allowing venues to use permissioned automated market makers and liquidity pools.

On Thursday, the SEC approved a five-year “Innovation Exemption” plan for eligible Tokenized Securities Venues (TSVs), allowing them to trade tokenized National Market System stocks without being classified as exchanges under the Securities Exchange Act of 1934.

“I want to extend my highest praise to Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, for the wise decision — perhaps a better characterization being the brilliant decision — he announced today on behalf of the SEC about Stock Tokens,” Aron said in a post on X. 

Aron Urges Robinhood To Apply This Globally 

Aron said that the SEC’s five-year period of experimentation on tokenized stocks in U.S. markets has provided “some inviolate and unequivocally annumerated conditions,” including its governance, emphasis on investor protection, and the prohibition of “synthetics,” meaning all Stock Tokens must carry full voting and dividend rights. 

Aron also applauded the SEC’s decision to include the option for issuers to object to prevent their security from being traded on a Tokenized Securities Venue if companies wish to do so. 

“This puts companies in charge of their own securities and capital structures, not brokerage houses. Thank you, SEC. I applaud what the SEC did today. Bravo!” he said. 

AMC CEO also acknowledged that Robinhood CEO Vlad Tenev and Chief Legal Officer Daniel Gallagher had accepted and supported the SEC’s ruling, saying, “I call on you now to adhere to the exact same standards internationally.”

“How hypocritical would it be if Robinhood’s stock tokens abroad were to differ materially from stock tokens in the U.S. on these hyper-important matters of investor protections, synthetics and issuer objections,” he added. 

AMC Vs Robinhood: Recent Strife 

Earlier this month, AMC’s Aron issued harsh criticism of Robinhood’s tokenized AMC stock offerings, arguing that the tokens do not represent actual ownership of AMC shares or provide shareholders with the same rights. He also threatened legal action against the company for its “contemptible, outrageous, disgusting, detestable, inexcusable, vile” practice. 

Aron said the offshore-issued tokens could create a synthetic market disconnected from AMC’s ability to manage its capital and raise funds. He also questioned their compliance with securities laws, noting that the tokens cannot be offered or sold in the U.S. and face restrictions in some other jurisdictions. 

“I hereby call on you and Robinhood to voluntarily CEASE AND DESIST the trading of AMC stock tokens. If you don’t, our high-priced securities counsel has been asked to see whether we can force you to stop,” he said at the time. 

Subsequently, Tenev defended stock tokenization, arguing that investors should control how they use freely transferable shares, while issuers should retain control over the rights attached to those shares. 

He said issuer consent should be required only when a product changes shareholder rights, the official stock ledger, or creates obligations for the company, not simply because it uses blockchain technology. Tenev also argued that Robinhood’s tokens are separately issued, 1:1-backed instruments that provide exposure to underlying shares without changing companies’ cap tables or shareholder rights.

Retail Stance On AMC, HOOD Stocks

On Stocktwits, retail sentiment around AMC stock slipped from ‘neutral’ to ‘bearish’ territory over 24 hours. 

One user said, “$AMC damn so now they can trade tokenized shares in the US?!  AMC is cooked.”

Meanwhile, retail sentiment around HOOD stock was ‘neutral’ at the time of writing. 

A user said, “$HOOD huge day for Robinhood with the SEC giving them thumbs up to just begin printing cash.”

AMC stock is up more than 68% so far in 2026. Meanwhile, HOOD stock is down more than 4% in the same time. 

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