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Tokenized Stocks Showdown: Robinhood vs AMC
If you thought the convergence between TradFi and crypto was going to be a smooth process, then think again, as Robinhood CEO Vlad Tenev and AMC CEO Adam Aron had a fractious interaction on X yesterday, the TLDR version of which goes like this:
● Aron crashed out regarding the trading of tokenized stocks (or stock-related instruments) on Robinhood, calling it “contemptible, outrageous, disgusting, detestable, inexcusable, vile”, and questioning, “how can it possibly be legal?”
● Vlad kept his initial response succinct, asking: “what’s the concern?”
● Aron then urged Robinhood to “CEASE AND DECIST [sic] the trading of AMC stock tokens”.
● Robinhood CLO Dan Gallagher–who is a former SEC Commissioner–challenged Aron to “send your lawyers and we’ll educate them”.
● Vlad later declared, “we stand behind Stock Tokens”, and posted an explanation of Robinhood’s commitment to tokenization, even stating–in a message clearly aimed at crypto traders–“it's a privilege to be in the trenches with all of you”.  As a result of this back-and-forth, two Robinhood meme tokens that are paired with tokenized AMC stock went on huge rallies (and huge corrections), while AMC stock briefly spiked in Friday’s trading session.
At the moment then, the market–including both crypto and stocks–is reacting positively to attention around Robinhood and its tokenized products, even including controversy and legal threats, and if Robinhood continues to shake things up like this–both onchain and off–then we could be in for an entertaining cycle.
Employment Data Raises Rate Hike Odds
The US August jobs report came in far above expectation,, with 162,000 jobs added, almost triple the expected figure of 55,000, while unemployment held at 4.1%. Wage growth was steady at 0.3% monthly and 3.1% YoY.
That sounds like good news, but markets saw a problem, as a strong labor market can make it more likely that the Fed will hike rates in order to tackle inflation, and after the release, predictions of a September hike rose to 58.4%.  That said though, payroll estimates are often revised later, so there is reason to doubt the official figures, and August’s inflation reports next week are another important signal to watch, before the Fed makes a decision on rates at its September 15-16 meeting.
Coldcard Aftermath: How to Secure Your BTC
Use a hardware wallet, protect the seed phrase, keep everything offline. This kind of advice will sound familiar to long-term Bitcoin holders, and Coldcard wallet users followed these rules.
What users hadn’t foreseen though, was that a firmware defect would produce seeds that Coldcard exploiters could later reconstruct, leading, last July, to affected wallets being drained. And this was all without attackers touching the physical device, discovering a written backup, or sending out any phishing emails.
It was devastating for victims and highlights an awkward aspect of self-custody: being your own bank means becoming your own full-time security team, plus you’ll be an inheritance planner too. Some people lean into the responsibility, but for others–especially as BTC has soared in value–alternative solutions make more sense.
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Disclaimer:
This email is sponsored by Xapo Bank. This is not financial advice. Please review Xapo Bank’s terms, fees, eligibility requirements, and risk disclosures before applying.
Crypto services are provided by Xapo VASP Limited, a Distributed Ledger Technology Provider regulated by the Gibraltar Financial Services Commission (GFSC) (Permission No. 26061). Banking services are provided by Xapo Bank Limited, which is regulated as a Credit Institution by the GFSC (Permission No. 23171) for fiat balances only. Crypto asset deposits are not covered by the Gibraltar Deposit Guarantee Scheme (GDGS).
Don’t invest unless you’re prepared to lose all the money you invest. Crypto is a high-risk investment. You should not expect to be protected if something goes wrong, and Bitcoin deposits are not covered by the Gibraltar Deposit Guarantee Scheme.
The 4% rate is a target, not a guarantee. Your actual returns may be higher or lower and can change over time. These are investment products, not standard savings or deposit accounts. This means your money is not protected by traditional bank deposit guarantee schemes, and you must meet Xapo Bank’s eligibility rules to access them.
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