{"id":183150,"date":"2026-09-14T17:36:00","date_gmt":"2026-09-14T17:36:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/news\/robinhood-vlad-tenev-defend-tokenized-stock-amc-dispute\/"},"modified":"2026-09-14T09:40:52","modified_gmt":"2026-09-14T09:40:52","slug":"robinhood-vlad-tenev-defend-la-tokenisation-dactions-amc","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/robinhood-vlad-tenev-defend-la-tokenisation-dactions-amc\/","title":{"rendered":"Robinhood : Vlad Tenev d\u00e9fend la tokenisation d&rsquo;actions AMC"},"content":{"rendered":"<p>\n\n\n<\/p><p class=\"wp-block-paragraph\">Le PDG de <strong>Robinhood<\/strong>, <strong>Vlad Tenev<\/strong>, a d\u00e9clar\u00e9 que les soci\u00e9t\u00e9s cot\u00e9es en bourse ne devraient pas \u00eatre en mesure de mettre leur veto aux produits d&rsquo;actions tokenis\u00e9es. <\/p><p class=\"wp-block-paragraph\">Selon lui, cela s&rsquo;applique d\u00e8s lors que ces produits cr\u00e9ent des instruments financiers distincts sans modifier les droits des actionnaires, les obligations de l&rsquo;\u00e9metteur ou le registre officiel des actionnaires de l&rsquo;entreprise.<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/cryptonews.com\/wp-content\/uploads\/sites\/3\/2026\/09\/content-img-1-10.jpg\" alt=\"\"><\/figure><p class=\"wp-block-paragraph\">Ces commentaires, publi\u00e9s sur X, font suite aux critiques d&rsquo;<strong>Adam Aron<\/strong>, PDG d&rsquo;<strong>AMC Entertainment<\/strong>, concernant les jetons li\u00e9s \u00e0 AMC propos\u00e9s par Robinhood. Cette situation met en lumi\u00e8re un diff\u00e9rend profond sur la structure et les droits associ\u00e9s aux produits d&rsquo;actions tokenis\u00e9es.<\/p><p class=\"wp-block-paragraph\">Ce nouveau rebondissement pour Robinhood survient alors que le r\u00e9seau Layer-2 de la firme approche le milliard de dollars en valeur totale verrouill\u00e9e (TVL) et que la capitalisation boursi\u00e8re des stablecoins on-chain a r\u00e9cemment d\u00e9pass\u00e9 le seuil du milliard de dollars.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Robinhood CEO Vlad Tenev responds to AMC&#39;s Adam Aron.<br><br>Tenev says they won&#39;t be hugging it out anytime soon, but is open to a call and loves a good debate. <a href=\"https:\/\/t.co\/eIjS4DHdhH\">pic.twitter.com\/eIjS4DHdhH<\/a><\/p>&mdash; Yahoo Finance (@YahooFinance) <a href=\"https:\/\/x.com\/YahooFinance\/status\/2098092068568445135?ref_src=twsrc%5Etfw\">September 10, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\">Comment Tenev a-t-il r\u00e9pondu aux critiques d&rsquo;AMC ?<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Tenev a pr\u00e9cis\u00e9 que le consentement de l&rsquo;\u00e9metteur d\u00e9pend de plusieurs facteurs : si le produit tokenis\u00e9 modifie les droits attach\u00e9s aux actions sous-jacentes, s&rsquo;il cr\u00e9e de nouvelles obligations pour la soci\u00e9t\u00e9 ou son agent de transfert, ou s&rsquo;il remplace le registre de r\u00e9f\u00e9rence des actionnaires. Dans ces cas pr\u00e9cis, il estime que l&rsquo;\u00e9metteur doit effectivement \u00eatre impliqu\u00e9.<\/p><p class=\"wp-block-paragraph\">\u00c0 l&rsquo;inverse, Tenev soutient que le consentement de l&rsquo;\u00e9metteur ne devrait pas \u00eatre requis lorsqu&rsquo;un produit cr\u00e9e un instrument financier s\u00e9par\u00e9 qui d\u00e9tient ou r\u00e9f\u00e9rence des actions librement transf\u00e9rables, sans impacter les droits, les obligations ou le registre de l&rsquo;\u00e9metteur. Sa position distingue clairement le produit tokenis\u00e9 des actions sous-jacentes, en se concentrant sur les droits et obligations g\u00e9n\u00e9r\u00e9s par le produit lui-m\u00eame.<\/p><p class=\"wp-block-paragraph\">Tenev a \u00e9galement compar\u00e9 cette probl\u00e9matique aux instruments financiers existants pouvant r\u00e9f\u00e9rencer des actions publiques, tels que les options, les certificats de d\u00e9p\u00f4t am\u00e9ricains (ADR) non sponsoris\u00e9s et les produits structur\u00e9s. Son argument principal est que le simple fait de d\u00e9placer un produit on-chain ne devrait pas, en soi, donner \u00e0 un \u00e9metteur le contr\u00f4le sur un instrument distinct li\u00e9 \u00e0 des actions librement n\u00e9gociables.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">AMC CEO Urges Robinhood to Halt AMC Stock Token Trading, Questions Legality<br><br>AMC Entertainment CEO Adam Aron criticized Robinhood\u2019s AMC Stock Token, saying AMC has no connection to, authorization of, or endorsement of the product. He described the practice as \u201ccontemptible,\u2026 <a href=\"https:\/\/t.co\/1XIRMysQYk\">pic.twitter.com\/1XIRMysQYk<\/a><\/p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/x.com\/WuBlockchain\/status\/2095820073298739693?ref_src=twsrc%5Etfw\">September 4, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\">La structure boursi\u00e8re d\u00e9fendue par Robinhood<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Robinhood affirme que ses <strong>Stock Tokens<\/strong> utilisent une structure tierce dans laquelle des instruments \u00e9mis s\u00e9par\u00e9ment sont adoss\u00e9s \u00e0 1:1 par les actions sous-jacentes. Ces produits offrent aux acheteurs une exposition \u00e9conomique aux actions et aux fonds n\u00e9goci\u00e9s en bourse (ETF) sans inscrire les d\u00e9tenteurs de jetons sur le registre des actionnaires de l&rsquo;\u00e9metteur, ni modifier les droits attach\u00e9s aux titres de la soci\u00e9t\u00e9.<\/p><p class=\"wp-block-paragraph\">Cette distinction est au c\u0153ur du d\u00e9saccord avec AMC. Le 4 septembre, Adam Aron a critiqu\u00e9 les offres de Robinhood li\u00e9es \u00e0 AMC, affirmant qu&rsquo;AMC n&rsquo;avait aucune affiliation avec ces produits et qu&rsquo;il demanderait \u00e0 un conseil juridique sp\u00e9cialis\u00e9 en valeurs mobili\u00e8res de les examiner.<\/p><p class=\"wp-block-paragraph\">La r\u00e9ponse ult\u00e9rieure de Tenev souligne la vision de Robinhood : les produits laissant inchang\u00e9s les droits des actionnaires, les obligations de l&rsquo;entreprise et le registre officiel doivent \u00eatre trait\u00e9s diff\u00e9remment de ceux cherchant \u00e0 alt\u00e9rer ces \u00e9l\u00e9ments. Ces points de vue divergents se focalisent sur ce que re\u00e7oivent les d\u00e9tenteurs de jetons et sur la mani\u00e8re dont l&rsquo;instrument est structur\u00e9.<\/p><h2 class=\"wp-block-heading\">Le conflit Robinhood-AMC r\u00e9v\u00e8le-t-il un probl\u00e8me plus large pour les RWA ?<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Le diff\u00e9rend entre Robinhood et AMC refl\u00e8te une question fondamentale pour la tokenisation des actifs du monde r\u00e9el (RWA) : les produits bas\u00e9s sur la blockchain et li\u00e9s \u00e0 des actions cot\u00e9es en bourse doivent-ils \u00eatre trait\u00e9s comme les actions elles-m\u00eames ou comme des produits financiers distincts ?<\/p><p class=\"wp-block-paragraph\">La r\u00e9ponse peut influencer les droits dont b\u00e9n\u00e9ficient les acheteurs, leur pr\u00e9sence ou non sur le registre des actionnaires d&rsquo;une entreprise, et la participation de l&rsquo;\u00e9metteur au produit.<\/p><p class=\"wp-block-paragraph\">Les faits d\u00e9crivent plusieurs approches pour porter l&rsquo;exposition boursi\u00e8re sur les blockchains, notamment les produits synth\u00e9tiques, les actions conventionnelles d\u00e9tenues par des d\u00e9positaires et les actions garanties par l&rsquo;\u00e9metteur enregistr\u00e9es directement on-chain.<\/p><p class=\"wp-block-paragraph\">Ces diff\u00e9rentes m\u00e9thodes peuvent conf\u00e9rer des droits vari\u00e9s aux acheteurs, faisant de la structure du produit une consid\u00e9ration centrale, bien au-del\u00e0 de la simple utilisation de la technologie blockchain.<\/p><p class=\"wp-block-paragraph\">Robinhood souhaite \u00e9tendre son mod\u00e8le d&rsquo;actions tokenis\u00e9es. Une projection de <strong>Bernstein<\/strong> cit\u00e9e dans les rapports estime que la <strong>Robinhood Chain<\/strong> pourrait g\u00e9n\u00e9rer 160 millions de dollars de frais annuels d&rsquo;ici 2028.<\/p>","protected":false},"excerpt":{"rendered":"<p>Le PDG de Robinhood, Vlad Tenev, a d\u00e9clar\u00e9 que les soci\u00e9t\u00e9s cot\u00e9es en bourse ne devraient pas \u00eatre en mesure de mettre leur veto aux produits d&rsquo;actions tokenis\u00e9es. Selon lui, cela s&rsquo;applique d\u00e8s lors que ces produits cr\u00e9ent des instruments financiers distincts sans modifier les droits des actionnaires, les obligations de l&rsquo;\u00e9metteur ou le registre [&hellip;]<\/p>\n","protected":false},"author":759,"featured_media":183146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-183150","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Robinhood : Vlad Tenev d\u00e9fend la tokenisation d&#039;actions AMC<\/title>\n<meta name=\"description\" content=\"Selon le CEO de Robinhood, les entreprises ne devraient pas pouvoir bloquer les actions 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