According to CoinMeta, Robinhood CEO Vlad Tenev indicates that a company can decide on the rights and obligations attached to its own shares after going public, but it has no authority to control other institutions from issuing financial products that are based on those shares. He stated that Robinhood stock tokens are issued by independent entities and are backed by the corresponding stocks, so such products do not necessarily require prior consent from the listed company. Previously, AMC CEO Adam Aron criticized stock tokens for allowing investors to gain exposure to AMC stocks without the participation of the issuing company, which weakens the traditional relationship between the company and its shareholders. Tenev acknowledged that holders of stock tokens do not have voting rights in the underlying company, and these tokens are structurally considered debt securities supported by the underlying stocks. As for how Robinhood will exercise the voting rights of the underlying stocks they hold, he said that no relevant arrangements have been announced yet.