Holy sh*t… this could get insanely wild Robinhood’s Stock Tokens (+ other legitimate issuers) are not shares; they’re debt securities issued by Robinhood Assets (Jersey) Limited. Holders get the economic exposure, but no direct shareholder vote… this is a well known fact BUT, the public tokens are backed by real shares held through the US custody stack… those shares still carry voting power There is no mechanism for tokenholders to direct those votes (yet). But Robinhood could theoretically build one: Onchain vote → Jersey issuer aggregates the result → custodian casts the underlying proxy votes If that share block became large enough, the community could support a director nominee and attempt to win a board seat… @vladtenev (or a nominated committee/ directr) could ACTUALLY enact “Board Sit” The tokens would never vote directly. They would coordinate the entity controlling the “real” votes This is going to cause all kinds of chaos as you could theoretically have outside interests directing the strategy of US corporations… Supposedly this is the case entities with heavy sovereign interest could become prime targets; a potential financial opportunity emerges to get a list of these national Crown Jewels that are low(ish) caps and bid early We are so early to where this is heading… Board Sit(s) gonna be a movie

In July, I called on the Senate to advance the Clarity Act — a bill to establish a comprehensive regulatory framework for digital assets and upgrade our ability to prevent bad actors from exploiting these critical technologies. When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process. Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse.

The Robinhood and AMC stock token conversation today comes down to a key question: what does the holder actually own and are they made aware of that? The SEC answered that in January. Its staff statement describes three ways to put a stock onchain. 1. Issuer-sponsored: the company puts its own shares onchain. 2. Custodial: a third party buys the actual shares, holds them in regulated accounts, and issues a token carrying the shareholder's rights. 3. Synthetic: a token tracks the price. The holder has exposure, not the stock. Dinari’s dShares™ are the custodial model. Each dShare™ is backed by a security held with licensed custodians and preserves cash dividends, a claim on backing securities, and fully-automated corporate actions. Issued through an SEC-registered transfer agent and a US broker-dealer. While each competing tokenization model has its place, right now the burden sits with the buyer to figure out whether a token is a share, a claim on a share, or a bet on its price. That should change, the instrument should make it obvious, and the issuer should have had a say before it ever went live. CoinDesk covered how the three models differ and where we sit: