Hey there @vladtenev and @DanGallagher: My voice will stay loud. You supported the SEC on U.S. stock tokens. They must carry voting rights, and companies can opt out. How hypocritical of Robinhood if not adopting those same principals offshore. Don’t spit in the face of the SEC.
🙈🙊🙉 SEC HAS KNOWN THAT FAILS TO DELIVER WERE TARGETED TO DESTROY COMPANIES FOR OVER 2 DECADES
In the early 2000's SEC sent in an economist to audit the DTCC.
What she found was the DTCC was LYING.
The fails to deliver were not across the entire market but concentrated in
20 to 30 stocks not a small number of fails 500 Million a day targeted
FAILS TO DELIVER
This was impacting their share price dramatically.
THIS IS MARKET MANIPULATION‼️
On Monday (9/21), SEC Commissioner Hester Pierce resigned her post effective October 2. That means there’ll be only 2 SEC Commissioners, out of the 5 mandated by law. Investors are best protected by an active vibrant SEC. I hope those 3 vacancies get addressed in the near term.
Hester Pierce is resigning from the SEC.
Remember when every rule proposal that was proposed that would help transparency, Hester voted no. I do.
I'm sure there a story going on behind the scenes. Can't wait for her to show up at Virtue or Citadel or god forbid Jane Street.
A match made in hell
https://t.co/5iwnDewyy3
She had YEARS at the SEC.
Years to demand transparency.
Years to hold Wall Street accountable.
Years to protect retail investors.
And what did retail get? A whole lot of NOTHING.
The SEC doesn’t need another speech.
IT NEEDS A DAMN SPINE.
Maybe the SEC can finally remember the “E” stands for EXCHANGE not EXCUSES.
Good riddance. 👋
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.
The SEC granted a five year period of experimentation on this topic in U.S. markets. In doing so, the SEC laid out some inviolate and unequivocally annumerated conditions:
The SEC highlighted that “Investor Protection Is Not Optional.” The SEC clearly laid out that even as it puts forward an “Innovation Exemption,” the SEC has an implicit right to govern on this issue. This means that at least within the U.S., there is an underpinning that appropriate regulatory bodies can regulate
as they think is needed. I believe that over the last full century, investors have best been protected when U.S. regulatory bodies have been involved and U.S. securities laws have been applicable. Thank you, SEC.
The SEC also emphasized that there can be “No Synthetics.” Any such Stock Tokens must carry full voting and dividend rights. No synthetics is such a vital and basic concept. Thank you, SEC.
Also of crucial importance, the SEC mandated that “Issuers Can Object.” It said that issuers of stock must have the opportunity to object and prevent their security from being trading on a Tokenized Securities Venue if companies so choose. 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!
And @vladtenev and @dangallagher I note that at Robinhood you accepted and supported the SEC’s ruling today. 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.
Adam Aron
Chairman and CEO
AMC Entertainment
In my crosshairs as much as Robinhood’s shameful Stock Tokens and the trademark- infringing meme coins that they trade: dreaded TICKET SCALPERS.
So far, we have reclaimed more than 1,600 AMC tickets from resale sites posted there.
Scalpers beware, AMC is coming after you.
2008 I lost my home. I put 20% down not over financed. The bank would not work with me. They sold my $350k house for $96k probably to BlackRock. It was the darkest days of my life. They bailed them out for them to do it again. #AMC is my fight against the system. I will not sell.
@CEOAdam@dangallagher@vladtenev RH self-verifies if they're 1:1 backed and can have it 3rd party verified as little as one time per year and only for that exact date and moment. This is from their own prospectus. Shame on Robinhood.
Hey there @dangallagher, in the past week you and @vladtenev CEO of Robinhood have made public comments defending your use of and “standing behind” your relatively new Stock Token concept.
I think this practice is abhorrent. It defeats the very ethos of share ownership. Public financial markets were created so that companies could raise capital, and so that investors could share in the wealth created as a result. Not to turn investing instead merely into some gamified business-oriented casino.
If by your own admission you can’t offer or sell Stock Tokens to “U.S. persons” why does your U.S. web site talk about them so much and so favorably?
Vlad: How can a U.S. brokerage firm be proud of creating an offshore Channel Island operation in far off Jersey specifically with the intent to operate outside U.S. securities laws? Is there potential confusion that Stock Token purchasers are getting less than all the rights accorded to real shareholders, and if so do you care? If those tokens are theoretically backed 1:1 by real shares, but hypothetically some of those underlying real shares are in turn lent out to short sellers, are the Tokens really backed 1:1 in fact?
Dan: I think U.S. securities laws have protected the public very well over the past century. You spent much of your career at the SEC. Deep down, in your heart of hearts, how can you really think a world without the precautions imposed by U.S. securities laws creates a better, safer environment for investors?
Choose whatever descriptors you think best make sense under the circumstances: Non-regulated, derivative, synthetic, sham, debt-backed securities trying to simulate actual real stock, or pick your own words if these don’t fit.
Stock Tokens may make you an innovator in your own eyes. In my eyes, they bring your firm dishonor.
📣📣WELCOME TO FRAUD STREET WHERE YOU CAN COUNTERFEIT BILLIONS OF SECURITIES IF YOU ARE IN THE CLUB 🪳🪳
Wall Street needs to be renamed to FRAUD STREET‼️
If you are in the 1% Cockroach club you can make unlimited money selling counterfeit securities with zero accountability.
The SEC will even invite you to help create the frame work for
24 hour stealing.
IT'S A BIG CLUB, AND YOU AIN'T IN IT
George Carlin
HOW is this being said on LIVE TV and not triggering an immediate investigation?
A stock price is supposed to be PRICE DISCOVERY buyers, sellers, SUPPLY and DEMAND.
If anyone is deliberately CONTROLLING the price of #AMC or #GME, that isn't a “free market.” If proven, that's the kind of conduct regulators should be investigating as MARKET MANIPULATION.
And now we're talking about TOKENIZED securities tied to these stocks?
Who controls the supply?
Who verifies the alleged 1:1 backing?
Where are the underlying shares?
Where are the independent audits?
And most importantly can any of this influence the price of the REAL stock.
These aren't conspiracy questions. They're MARKET-INTEGRITY questions.
Robinhood has already faced SEC enforcement actions over securities-law violations in the past. So why should investors simply take anyone's word for it now?
If investigators find that anyone intentionally manipulated stock prices or defrauded investors, STOP treating financial crime like a cost of doing business.
Fines aren't enough.
If criminal conduct is proven, PROSECUTE IT and if the law calls for prison, SEND THEM TO PRISON.
Retail deserves a market, not a rigged scoreboard.
INVESTIGATE. SUBPOENA. AUDIT. PROSECUTE.
#AMC #GME #Robinhood #TokenizedSecurities #MarketManipulation #SEC #CNBC #FoxBusiness @CEOAdam@vladtenev
🚨BREAKING🚨
In the leaked Robinhood documents, there is an implied meeting between Robinhood Counsel and Citadel on Jan 28.
This is regarding restricting the sale of $AMC & $GME.
Citadel said on Twitter they did not meet on Jan 27th. Other days, they do not comment on.
🚨🚨MADOFF WAS SENTENCED TO
150 YEARS IN PRISON
Bernie Madoff stole Billions in a massive Ponzi scheme.
Ken Griffin steals Billions every year Counterfeiting the Stock Market.
Madoff last years were spent incarcerated.
KENNY YOUR TIME IS COMING‼️
🚨🚨 CITADEL & VIRTU HAVE MULTIPLE LAWSUITS ALL FOR MARKET MANIPULATION
Citadel Securities and Virtu Financial are being exposed.
Lawsuits for market manipulation used to be dismissed as fast as they were filed.
But times be changing.
These companies and legal teams are smart they are get hard data to back up their cases.
The Court and Judges are starting to see a pattern.
THE PATTERN ALWAYS INVOLVES CITADEL & VIRTU‼️
This AMC token situation needs to be INVESTIGATED.
They claim these tokens are backed 1:1 by real AMC shares.
Okay—then prove it.
Where are the shares held?
Who is the custodian?
Where are the audited reserves?
How can investors independently verify the 1:1 backing?
“Trust us” isn’t transparency.
If every token represents a real $AMC share, showing the receipts should be easy.
NO PROOF. NO TRUST.
WE DEMAND TRANSPARENCY.
WE DEMAND ANSWERS. NOW.
#AMC #AMCStock #TokenizedStocks #Transparency