Robinhood CEO Vlad Tenev defended the company’s AMC stock tokens on Sept. 9, arguing that public companies should not automatically control third-party securities referencing their listed shares.

Tenev made the remarks during a CNBC “Squawk Box” interview, his first televised response since the dispute with AMC Entertainment CEO Adam Aron escalated.

“Issuers should have control and do have control over the rights and obligations of the stock that they issue, but that doesn’t mean they control everything about it,” Tenev said. He argued that companies cannot prevent independent firms from issuing separate securities that reference publicly traded shares.

“Issuer consent depends on what exactly you’re doing,” Tenev added. He said Robinhood’s products “should not automatically require issuer consent,” although that position has not received a public ruling from the SEC or a court.

Aron has disputed that interpretation. He argues Robinhood is using AMC’s name and share price to create a parallel financial product without the company’s involvement. The disagreement centers on whether economic exposure should be marketed as a stock token when the holder does not legally own the referenced share.

AMC stock tokens are debt securities, not shares

Tenev said each Robinhood stock token is backed one-for-one by an underlying share held as collateral. The token itself is a debt security issued by Robinhood Assets Jersey Limited rather than a share issued by AMC.

Investors receive exposure to changes in AMC’s share price and payments reflecting dividends. They do not receive voting rights and are not recorded on AMC’s shareholder register. Their legal claim is against the token issuer, not directly against AMC.

Robinhood launched its stock-token offering for European customers in June 2025 before expanding access through Robinhood Wallet. The products are unavailable to U.S. customers and are not registered under U.S. securities laws.

The company has connected its tokenization strategy to a dedicated blockchain based on Arbitrum technology. As crypto.news reported, Robinhood Chain fees provide a revenue stream for Arbitrum while supporting tokenized assets and other financial applications.

AMC CEO threatens legal action and SEC referral

Aron initially said AMC had no connection to Robinhood’s token and did not authorize or endorse it. He later called on Robinhood to “cease and desist” trading the product and said AMC’s securities lawyers would examine possible legal action.

The AMC CEO also said the company would raise the matter with the SEC. No public lawsuit or SEC enforcement action concerning the AMC token had been identified as of Sept. 10.

Robinhood chief legal officer Dan Gallagher rejected Aron’s demand. “We know a little something about the U.S. securities laws and will not ‘DECIST,’” Gallagher wrote, referencing a spelling error in Aron’s original post. Aron later said the misspelling was intentional humor.

Tenev subsequently reinforced Gallagher’s position by saying Robinhood stood behind its stock tokens. The company has not indicated that it plans to remove the AMC-linked product.

Voting rights and token pricing remain unresolved

Robinhood controls the underlying shares used as collateral, but Tenev said the company has not announced how those shares will be voted. This leaves an unresolved governance question because token holders receive no direct voting power.

The debate also covers price formation. Securitize CEO Carlos Domingo pointed to an AMC-linked token pair that reportedly traded at roughly 60 times the reference share price. Thin liquidity and limited arbitrage routes can allow a token’s price to separate from the asset it tracks.

Robinhood says its tokens provide international investors with exposure to U.S. equities. Critics argue that products called stock tokens should either represent direct legal ownership or carry clearer descriptions explaining their debt-based structure.

The Federal Reserve has recognized that tokenized securities can use different legal models. Its regulatory guidance distinguishes instruments representing direct ownership from separate securities referencing underlying assets.

The next formal development could come from AMC’s legal team or the SEC. Until either takes public action, Robinhood’s AMC tokens remain available to eligible international users, and Tenev’s interpretation of issuer consent remains the company’s legal position rather than a settled precedent.

US authorities have restrained more than $52 million in cryptocurrency tied to Xinbi Guarantee and its vendor network while seizing wallets and Telegram channels used by the Chinese-language marketplace.

The US Department of Justice said on Sept. 9 that its Scam Center Strike Force seized two crypto wallets containing approximately $12 million and sought restraints against another 47 wallets believed to be connected to money laundering through Xinbi and vendors serving scam operators.

The two seized wallets were used by Xinbi to collect payments for vendors operating through its marketplace. Combined with the other restraints, the operation placed more than $52 million in crypto beyond the reach of Xinbi and its vendor network, according to the DOJ.

Tether assisted investigators with the operation, the department said. The stablecoin issuer had separately frozen $39.3 million in USDT across 10 Tron addresses linked to Xinbi earlier this week, crypto.news previously reported.

US seizes Xinbi wallets and Telegram channels

Court action against Xinbi extended beyond its cryptocurrency infrastructure.

On Sept. 7, the US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace. A subsequently unsealed warrant described Xinbi as a Chinese-language marketplace where vendors advertised services to operators of scam centers.

According to the DOJ, the services included laundering money stolen through wire fraud, building custom websites for fraudulent investment schemes and recruiting workers for scam compounds in Southeast Asia.

Xinbi served as an intermediary in transactions between vendors and their customers. The marketplace held funds intended for vendors until the purchased services had been delivered, providing an escrow system for transactions arranged through the platform.

Investigators said funds belonging to US victims were traced to specific vendors that advertised money laundering services and posted cryptocurrency addresses for payments in Xinbi’s Telegram channels.

The enforcement action came after Xinbi continued operating despite previous attempts to remove its communications infrastructure. Telegram removed thousands of channels connected to Xinbi and Huione Guarantee in May 2025, but TRM Labs found that both networks began resurfacing under new channels and names soon afterward.

Xinbi subsequently moved parts of its operation away from Telegram as scrutiny of guarantee marketplaces increased.

Treasury sanctions Xinbi Guarantee and two technology providers

Alongside the DOJ operation, the US Treasury Department’s Office of Foreign Assets Control designated Xinbi as a significant transnational criminal organization.

OFAC described the marketplace as a service connecting transnational criminal groups and scam center operators with merchants providing technology, financial services and other products used in cybercrime.

Treasury data put the value of digital asset and fiat transactions processed through Xinbi and its associated platforms at more than $24 billion since the marketplace emerged around 2022. Much of the activity took place in Southeast Asia.

Earlier estimates had put Xinbi’s transaction volume lower as blockchain investigators identified more addresses tied to the operation. TRM Labs estimated in February that Xinbi had processed approximately $17.9 billion since mid-2025 as activity continued despite enforcement against Telegram-based marketplaces.

OFAC said Xinbi’s platform has been used by North Korean hackers and several previously sanctioned entities, including companies linked to Cambodia’s Prince Group.

US prosecutors have accused Prince Group and its chairman, Chen Zhi, of operating a network involving crypto investment fraud, money laundering and forced-labor scam compounds. Authorities previously sought forfeiture of more than 127,000 Bitcoin connected to Chen and his associates in a case that involved one of the largest Bitcoin seizure actions pursued by US authorities.

Prince Group has denied allegations against the company.

SafeW and Anwen sanctioned over Xinbi services

OFAC sanctioned two technology companies accused of providing services that supported Xinbi’s operations.

Singapore-based SafeW Technology developed SafeW, an encrypted messaging application that Xinbi began using for its merchant and money laundering networks around June 2025, according to the Treasury.

The move came as law enforcement attention on Xinbi increased. Users were encouraged to use SafeW to coordinate transactions between buyers and sellers, reducing the marketplace’s reliance on Telegram.

Cambodia-based Anwen Technology developed XinbiPay, which was also known as NewPay. Treasury described the product as a cryptocurrency payment and digital wallet application used by Xinbi.

TRM Labs had previously documented Xinbi’s move toward SafeW and XinbiPay as the marketplace rebuilt its infrastructure following disruptions to Telegram channels. On-chain data reviewed by the blockchain intelligence company showed a brief drop in Xinbi activity in December 2025 before transaction flows rebounded in early 2026.

OFAC designated SafeW Technology and Anwen for materially assisting or providing financial, technological or other support to Xinbi.

The sanctions require property and interests belonging to the three designated entities that are in the United States or controlled by US persons to be blocked and reported to OFAC. Entities owned 50% or more by blocked persons are subject to the same restrictions.

Transactions involving their property are generally prohibited for US persons unless exempt or authorized by OFAC.

Xinbi expanded after pressure on rival marketplaces

Xinbi’s development into a major guarantee marketplace accelerated as authorities and technology companies targeted other networks used by Southeast Asian scam operations.

Blockchain investigators have described guarantee marketplaces as escrow-based platforms where merchants advertise services ranging from money laundering and payment processing to stolen information and infrastructure used by online scammers.

Huione Guarantee, later known as Haowang Guarantee, had become one of the largest networks operating under the model before Telegram shut down its marketplace in May 2025.

Treasury said cybercriminals moved parts of their activity toward Xinbi after US authorities targeted Huione Pay. Xinbi continued offering similar services to an overlapping customer base.

The UK had already targeted Xinbi on March 26, when the government sanctioned the marketplace over its alleged role in scam and money laundering operations. The restrictions froze assets connected to Xinbi in the UK and cut designated parties off from the country’s financial system.

The latest DOJ operation formed part of the Scam Center Strike Force’s campaign against networks supporting overseas scam compounds. The unit was launched in November 2025 to investigate cryptocurrency investment fraud, cyber-enabled fraud, human trafficking and money laundering tied to scam centers.

According to the DOJ, the Strike Force has now restrained approximately $938 million linked to scam money laundering operations.

Its work has expanded outside Southeast Asia. A Strike Force team recently spent two weeks in Madagascar assisting local authorities with the takedown of 13 scam centers allegedly operated by Chinese organized crime groups.

Investigators helped process more than 3,200 electronic devices recovered during the operation and interviewed people among nearly 400 arrests. The DOJ said approximately 30 of those arrested were Chinese leaders of the scam compounds who were later repatriated to China by the Chinese government.

BlackRock warned on Sept. 8 that rising Japanese government bond yields could weaken demand for U.S. Treasuries by giving Japanese investors more attractive returns at home.

Japan’s 10-year government bond yield briefly exceeded 3% for the first time since 1996, while its 30-year yield reached a record 4.18%.

The shift matters because Japan holds roughly $1.1 trillion of U.S. Treasury securities. Decades of low and negative domestic interest rates encouraged Japanese banks, insurers and pension funds to invest abroad. Higher Japanese yields are beginning to alter that calculation.

Japan bond yields now compete with U.S. debt

A Japanese investor can earn approximately 3% from a 10-year Japanese government bond, according to BlackRock’s commentary. A comparable U.S. Treasury produces about 2% after the investor hedges the dollar exposure back into yen using rolling three-month currency forwards.

The comparison does not mean Japanese investors will immediately sell their foreign holdings. Hedging costs change with currency and interest-rate conditions, while institutions also consider liquidity, portfolio duration and regulatory requirements. However, the return advantage that pushed capital overseas has narrowed.

Fitch Ratings reached a similar view on Sept. 9. The rating agency said higher yields could encourage Japanese institutions to retain more capital domestically. Fitch did not forecast a broad liquidation of existing bond portfolios.

BlackRock used a hypothetical 5% shift in Japan’s Treasury holdings to illustrate the scale. Such a move would redirect about $55 billion, equal to roughly 7% of the U.S. Treasury’s expected net borrowing during the quarter. The calculation is a scenario, not a forecast of actual selling.

Bank of Japan tightening raises repatriation risk

Japanese yields have risen as inflation, wages and yen weakness increase pressure on the Bank of Japan to tighten policy. The central bank raised its policy rate to 1% in June and left it unchanged in July.

BOJ board member Kazuyuki Masu said on Sept. 10 that the bank may need to increase rates more rapidly if inflation accelerates. A Reuters poll found economists expected a rise to 1.25% during September, followed by further tightening through 2027. Those forecasts remain subject to the BOJ’s decision.

The yen previously weakened to about ¥160 per dollar before recovering. The U.S. and Japan also conducted a coordinated yen-buying intervention, the first joint operation of its kind since 1998. A stronger yen can reduce the value of unhedged overseas assets for Japanese investors and make domestic holdings more attractive.

A weaker yen creates a different risk. Japanese authorities could sell foreign assets to finance intervention, potentially adding pressure to U.S. Treasuries. BlackRock described this as a possible feedback loop rather than a confirmed capital flow.

Higher global yields add pressure to Bitcoin

The global bond sell-off continued into Sept. 10. The 10-year JGB yield stood near 2.91%, below its recent 3% peak, while the U.S. 10-year Treasury yield reached approximately 4.84%. The 30-year U.S. yield traded near 5.29%.

Higher government bond yields can weigh on Bitcoin and other non-yielding assets by increasing the returns available from lower-risk securities. They can also raise corporate borrowing costs and reduce liquidity available for speculative markets.

As crypto.news reported, Bitcoin faced a possible decline toward $70,000 after retreating from $82,283 and struggling to hold the $78,000–$79,000 area. That weakness coincided with rising Treasury yields, stronger oil prices and renewed inflation concerns.

Bitcoin’s reaction does not establish that Japanese yields caused its decline. Crypto prices respond to several factors, including ETF flows, leverage, dollar liquidity and investor positioning. Japan’s rate reset adds another source of competition for global capital.

Inflation and central-bank decisions come next

U.S. consumer inflation data scheduled for Sept. 11 will shape expectations before the Federal Reserve’s Sept. 15–16 policy meeting. A stronger inflation reading could support higher U.S. yields and reinforce competition between bonds and risk assets.

Investors will then focus on the Bank of Japan’s September decision. A faster tightening cycle could push JGB yields higher and strengthen the yen, increasing incentives for Japanese institutions to hold more domestic assets.

The main indicator will be actual portfolio data rather than modelled scenarios. U.S. Treasury disclosures, Japanese institutional reports and currency-hedging costs will show whether investors are repatriating capital or merely adjusting new purchases.

BlackRock remains underweight Japanese government bonds because it expects yields to face further upward pressure. Its central argument is conditional: rising domestic returns could reduce Japanese demand for U.S. debt, but the scale and timing of any shift remain uncertain.

United States authorities restrained more than $52 million in crypto linked to Xinbi Guarantee and its vendor network as part of a coordinated operation against the scam marketplace. 

On Wednesday, the US Justice Department said its Scam Center Strike Force seized two wallets used by Xinbi to collect vendor payments containing about $12 million. Law enforcement also sought restraints against 47 additional wallets believed to be connected to money laundering across Xinbi’s network. 

The DOJ said the US District Court for the District of Columbia authorized the seizure of Telegram channels hosting the marketplace on Sept. 7. According to the unsealed warrant, vendors used the channels to advertise money laundering, custom scam-investment websites and recruitment services for scam compounds in Southeast Asia. 

The operation targets the financial and communications infrastructure supporting industrial-scale scam centers, expanding enforcement beyond individual operators to the marketplaces and service providers that allow the networks to function. The DOJ credited stablecoin issuer Tether with assisting in the investigation.

Treasury sanctions Xinbi and technology providers

In a coordinated action on Wednesday, the US Treasury Department said its Office of Foreign Assets Control (OFAC) designated Xinbi as a significant transnational criminal organization. OFAC also sanctioned Singapore-based SafeW Technology and Cambodia-based Anwen Technology for allegedly providing technological and financial support to Xinbi. 

According to the Treasury, Xinbi began moving its merchant and money-laundering networks to SafeW’s encrypted messaging application around June 2025 as law-enforcement scrutiny intensified. Anwen allegedly developed XinbiPay, also known as NewPay, a crypto wallet and payment application used by the marketplace. 

Related: US, UK launch joint alliance targeting crypto scam centers

The Treasury said Xinbi has processed over $24 billion in crypto and fiat since around 2022, primarily through Southeast Asia. The department said its platform has been used by North Korean hackers and entities connected to the sanctioned Prince Group. 

The sanctions block Xinbi’s US property and interests and generally prohibit US persons from transacting with the designated entities.

The latest US action follows UK sanctions imposed against Xinbi. On March 26, the UK government imposed sanctions on Xinbi aimed at cutting the platform off from crypto access. Under the sanctions, UK assets connected to Xinbi will be frozen, and the platform will be barred from the country’s financial, trade and travel networks.

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