Robinhood’s July 30 10-Q calls these tokenized debt securities issued by Robinhood Assets (Jersey), not equity, and says holders get no legal or beneficial rights in the underlying issuer ([filing](https://www.sec.gov/Archives/edgar/data/1783879/000178387926000114/hood-20260630.htm)). Any DeFi market accepting them as collateral inherits RHJ bankruptcy risk rather than AMC shareholder rights, the third-party wrapper risk the SEC identified on January 28 ([SEC](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities)).

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