Everyone should be able to access high-quality financial assets, wherever they live.
That's what tokenization unlocks: taking the best of US capital markets and making them available on a global scale.
The industry is still small compared with global finance, but the advantages are becoming harder to ignore. Traditional market infrastructure was built around fixed hours, closed networks and layers of intermediaries. It was never designed for 24/7 execution, programmable assets, composability or self-custody.
The needs of investors have moved faster than the rails underneath them. We're working to change that.
What gives me confidence is seeing how many different people are now pushing this industry forward. Founders are building new products, LPs are bringing liquidity, traders are finding new uses, and infrastructure teams are making the whole thing work.
It's a privilege to be in the trenches with all of you.
We are still early, and there is a huge amount left to build. It will also take time and effort for the old guard to get onboard. This is worth fighting for.
Seriously? Whatβs 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 companyβs 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 donβt, 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.