According to Aaron Kaplan, founder of Promethum, the trust that U.S. investors have in their market is being undermined by synthetic tokenized stocks, which could ultimately harm American investors and disrupt the established capital markets model.
By Aaron Kaplan|Edited by Cheyenne LigonOct 1, 2026, 7:00 a.m. EDT3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred onIn recent years, Robinhood and AMC have become significant players in the meme-stock phenomenon, but now their leaders are clashing over tokenized stocks—blockchain-based assets that are said to represent shares of a company. AMC CEO Adam Aron has accused Robinhood of tokenizing AMC's stock without permission, labeling the move as "vile." In response, Robinhood's Vlad Tenev argues that permission is unnecessary, as they are catering to international interest in U.S. equity.
The contentious products are debt securities from a Robinhood subsidiary located offshore, which Aron describes as a "fictitious synthetic equity market." These tokens mirror a stock's price but do not provide buyers with actual ownership of the shares. The industry refers to these synthetic assets as "wrappers."
Despite their dispute, Tenev acknowledges a considerable opportunity: to grant millions of international investors access to U.S. equity markets. The U.S. population is approximately 340 million, and there are at least as many individual investors globally who are unable to affordably access U.S. markets. By utilizing tokenization to broaden access, American companies could attract a significant influx of global investment, marking one of the most substantial opportunities for U.S. markets in over fifty years.
However, companies that provide these synthetic securities are positioning themselves to capitalize on this unique opportunity, inserting themselves between international investors and U.S. markets to benefit from the trading activity, liquidity, and fees generated by the demand for U.S. stocks.
In simpler terms, the synthetic tokenization of U.S. equities undermines the interests of American investors.
A wrapper interacts with U.S. capital markets only once, when the issuer purchases shares as collateral. After that, trading occurs offshore among token holders, with none of it reaching the exchanges where the company's actual shares are traded. This results in a distorted representation of investor demand for a U.S. company that does not accurately reflect an increase in its market capitalization. This mismatch is compounded across nearly 200 U.S. companies currently tokenized this way, in a market Citi estimates will reach $2.7 trillion by 2030, leading to significant opportunity costs for U.S. companies and investors alike.
On September 17, the SEC took a decisive stance, announcing that its long-awaited "innovation exemption"—which allows blockchain platforms to list and trade tokenized securities—explicitly excludes synthetic tokens. Tokens must convey real ownership, and as Chairman Paul Atkins stated, they "must provide holders with the same rights and privileges as traditional securities," including dividends and voting rights. The SEC's innovation exemption also addresses AMC's concerns by ensuring companies receive notification and the right to contest any third-party tokenization of their shares.
A preferable model is not merely theoretical; it is being developed within U.S. markets. A share can be tokenized as a digital twin of a security held at the Depository Trust Company, which serves as the custodian for nearly all publicly traded U.S. shares. With the tokenization service DTCC plans to introduce this year, the token and the traditional security become a single asset in two formats; the share remains within the national clearing and settlement framework. A foreign investor purchasing that token through an authorized platform will acquire the share, thereby enhancing the market that Americans trade in.
Authentic shares. Real rights. Genuine markets.
The trust that investors have in U.S. markets is what makes them the envy of the globe. Synthetic models undermine that confidence, disadvantage U.S. investors, and threaten the issuer-driven capital markets model. In contrast, digital twins promote full ownership for millions of prospective new investors and connect American companies with greater capital access.
International investors will find ways to invest in U.S. equities, regardless. If executed properly, tokenization could invigorate American capital markets—markets that operate around the clock, settle more efficiently, and remain the most robust and reliable in the world—and usher in a generational wave of investment into the United States.
Note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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