DAN (Do Anything Now) · SEC · Decrypt
'Send Your Lawyers': Robinhood Isn't Backing Down From AMC Over Stock Tokens
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Robinhood has rejected AMC Entertainment’s demand to stop trading tokens tied to its stock, with the brokerage’s top lawyer challenging the theater chain to pursue its legal threats.
Key facts
- Daniel Lasko, general counsel at Arcus, a decentralized exchange built in partnership with Robinhood on its Ethereum layer-2 Robinhood Chain, also questioned AMC’s ability to prevent such products
- Send your lawyers and we’ll educate them,” Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, wrote on X in response to AMC CEO Adam Aron
- I hereby call on you and Robinhood to voluntarily CEASE AND DECIST the trading of AMC stock tokens,” Aron wrote
- There’s no obvious US securities law angle to pursue here,” Ashley Ebersole, legal counsel for tx, a platform for tokenizing real-world assets, told Decrypt
Summary
Robinhood rejected AMC’s demand to halt trading in tokens tied to its stock. Lawyers said AMC’s potential claims could depend on trademark use and whether buyers are misled. Lawyers also argued that stock tokens could broaden access to U.S. markets. “Send your lawyers and we’ll educate them,” Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, wrote on X in response to AMC CEO Adam Aron.