Halifaxd

let's make some money.

[Che Hussee @HusseeChe]

Right from his mouth

[Adam Aron @CEOAdam]

CEASE AND DECIST in all caps was my attempt at humor. It was a cross between Desist (which means to stop) and De-cyst (which would mean to remove a cyst, something that causes pain and discomfort).

What you know about U.S. securities laws apparently is that you are happy to ignore them if you simply disclose that you are ignoring them.

If your offshore Stock Tokens can not be offered or sold to U.S. persons, why are you touting them on your U.S. web site?

If it is not illegal, it should be. And in any case, it displays a terrible lapse of judgement on your part. Wisdom is displayed not just by obeying the strict letter of the law, but by doing what is right.

Shame on you.

[Adam Aron @CEOAdam]

Seriously? What’s the concern you ask, @vladtenev? The list of concerns is almost existential.

U.S. securities laws are in place to protect investors. For good reason, we spend millions and millions of dollars every year to comply with U.S. securities laws. In good. conscience, how can Robinhood as a U.S. company set up an operation in far offshore Jersey, an island 3000 miles away, and market a security sort of posing as AMC in some shape or fashion, and not comply with U.S. securities laws. That is shocking and shameful.

Our past issuance of equity to strengthen our balance sheet was vital to our success. Your setting up some kind of fictitious synthetic equity market decouples stock token ownership from a company’s ability to control its own capital raising efforts.

Share ownership gives shareholders various rights, including the right to vote their shares. Your stock token pretend to be some form of stock ownership, but disclosures to the contrary notwithstanding, they are not ownership and they deprive investors of their rights.

This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general. There already is distrust in financial institutions, you are potentially making it far worse.

These are but a few of my concerns about your actions.

I hereby call on you and Robinhood to voluntarily CEASE AND DECIST 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.

I also wonder how can the SEC possibly support your sham ignoring of U.S. securities laws. You can be sure we will be asking them.

[Adam Aron @CEOAdam]

And @vladtenev here is a similar view:

[Adam Aron @CEOAdam]

In addition to my own comments back to @vladtenev about about my strongly-held concerns about Robinhood’s Stock Tokens, read what someone named Brad (who I don’t know) insightfully had to say on this topic:

[Brad. M @D1ssoluti0ng0v]

@vladtenev The concern is not mysterious.

You put AMC’s name on a Jersey debt note, sold it as an “AMC Stock Token,” and then asked the CEO of AMC what the problem is. That is the problem.

Retail is not confused about the wrapper. We know it is not a share. No vote. No ownership. No claim on the company. You said that in the fine print. You still used the ticker, the brand, and the price of a company that never hired you to package its equity.

Then you put that wrapper on a permissionless chain with a thin float. It trades 24/7. It sits in DeFi pools. It gets used as collateral and as the quote asset for memecoins. When a small token float gets shoved away from the NYSE print, that is not “innovation.” That is a second AMC market you created without AMC.

A 1:1 claim is not an answer. It only helps the listed stock if you buy real shares to mint. If you mint against inventory, hedges, locates, or delayed settlement, you created extra AMC exposure without extra demand on the tape. Discount arbitrage can hit the real stock. Premium minting can add more wrappers instead of lifting offers.

You blocked this from U.S. persons and still wrapped a U.S. company. Then you replied to the CEO with “What’s the concern?”

The concern is you built a synthetic AMC market, kept the economics, left AMC with none of the control, and treated a shareholder-rights question like a support ticket. @RobinhoodApp @RobinhoodCrypto

[Adam Aron @CEOAdam]

Robinhood apparently is behind an effort related to “tokenized real-world assets including Stock Tokens” for AMC Entertainment (and supposedly 190+ other companies). They are not registered under U.S. securities laws !!!!!!

I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way.

We immediately are going to have our outside securities counsel look into this.

https://t.co/y3yf3VGdWz
Stock Tokens are not registered under U.S. securities laws and may not be offered, sold, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons. Offers and sales of Stock Tokens are subject to restrictions in other jurisdictions, including, without limitation, Canada, the United Kingdom, and Switzerland. A full list of the jurisdictions in which offers or sales are restricted or prohibited is available here: https://t.co/y3yf3VGdWz
Robinhood Assets (Jersey) Limited is a private limited company incorporated in Jersey, with its registered address at First Floor, La Chasse Chambers, Ten La Chasse, St. Helier, JE2 4UE, Jersey. The Issuer is registered under the registration number 162428.
Stock Tokens have not been and will not be registered under the U.S. Securities Act of 1933, as amended from time to time (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States. Stock Tokens may not be offered, sold or delivered within the United States to, or for the account or benefit of U.S. Persons (as defined in Regulation S under the Securities Act ("Regulation S")), and (ii) may be offered, sold or otherwise delivered at any time only outside of the United States and to transferees that are not U.S. Persons (as defined in Regulation S)….

©2026 Robinhood Markets, Inc. All rights reserved.

[GameStop @gamestop]

Consider this your green light.

Pre-order the XBOX 25th Anniversary Console tomorrow at GameStop. While supplies last.

[Congresswoman Jasmine Crockett @RepJasmine]

These maps are racist, period.

Texas has more Black people than any state in this country, but these maps would leave us with just 2 seats where we can choose our own representation.

My @TheBlackCaucus colleagues and I won’t stand by while they try to silence Black voters.

[Dr. Yousef 🇵🇸 @yousef_ki1]

If you’re scrolling, PLEASE leave a dot.

STARVATION.

[Noah Smith 🐇🇺🇸🇺🇦🇹🇼 @Noahpinion]

People realize these are vaccines for CANCER, right?

Like, cancer was going to become a treatable disease because of this funding. Now your cancer will be a death sentence, because of RFK and Trump.

[Dr. Yousef 🇵🇸 @yousef_ki1]

If you’re scrolling, PLEASE leave a dot.

STARVATION.

[Hillary Clinton @HillaryClinton]

In the war against deadly diseases like COVID and cancer, the Trump administration has chosen the side of COVID and cancer.

Let them know what you think of that decision! 1-877-696-6775 https://t.co/nl6IUHWiwg

[Zohran Kwame Mamdani @ZohranKMamdani]

Today we learned Andrew Cuomo is directly coordinating with Donald Trump, even as this President sends masked agents to rip our neighbors off the streets and guts the social services so many New Yorkers rely on.

It’s disqualifying and a betrayal of our city.

[Rolling Stone @RollingStone]

The national library has apparently, by accident, modified its online copy of the U.S. Constitution to remove the president’s least favorite part: The provision that guarantees people’s right to challenge their detention and demands the government justify their confinement.
https://t.co/h8OKKh4t7r

[Brian Allen @allenanalysis]

🚨 BREAKING: The official U.S. government website has quietly removed Sections 9 and 10 of Article I from the Constitution.

Let me say that again:
They didn’t amend the Constitution.
They didn’t debate it in Congress.

They just erased two of the most protective sections; the ones that deal with habeas corpus, limits on federal power, and Congress’s sole authority to set tariffs.

[Barack Obama @BarackObama]

We can’t lose focus on what matters – right now, Republicans in Texas are trying to gerrymander district lines to unfairly win five seats in next year’s midterm elections. This is a power grab that undermines our democracy.

[Garry Kasparov @Kasparov63]

Lost elections are rigged, won elections are fair. Good job numbers are real, bad ones are fake. Sex trafficking is bad, unless the traffickers will blame your enemies. Crime is bad, unless the criminals are pro-Trump. This isn’t 4D chess, or even tic-tac-toe, just Autocracy 101.

[Gavin Newsom @GavinNewsom]

The Governor of Texas is threatening to remove democratically elected officials from office because they have refused to rig an election for Donald Trump.

United States of America, 2025.