Robinhood's Stock Tokens are tokenized debt securities issued by an offshore affiliate, Robinhood Assets (Jersey) Limited, providing economic exposure to underlying securities but without granting legal ownership or shareholder rights. AMC CEO Adam Aron called them 'contemptible' and 'vile' because they are not registered under U.S. securities laws and lack company endorsement. They are structured as ERC-20 tokens on Robinhood Chain, an Ethereum Layer 2, enabling 24/7 trading.