[Backpack CEO's In-Depth Commentary on 'AMC CEO Criticizes Robinhood Stock Tokenization Controversy': Robinhood Stock Tokens Are Debt Securities, $1 Invested by Users Does Not Fully Flow Into the Real Stock Market] Odaily Planet Daily News: Regarding today's incident where 'AMC CEO Questions Robinhood Over Stock Tokenization Controversy,' Backpack CEO Armani Ferrante posted on the X platform, stating that while he is a staunch tokenization maximalist, he agrees that Aron’s core concerns are substantively valid: Robinhood's Stock Tokens are classified as debt securities and are not 100% backed by underlying stocks. Funds invested in these tokens do not entirely flow into the actual stock market but are instead allocated through mechanisms involving authorized participant redemption and partial collateralization with cash/qualified financial instruments. This results in value leakage to intermediary layers and may lead to discrepancies between on-chain prices and the actual stock prices. In his original statement, he mentioned: 'For every $1 a user invests in Robinhood's stock tokens to purchase corresponding stocks, less than $1 actually flows into the real stock market.' He further emphasized that proper tokenization should strictly align with the stock market, achieving 1:1 stock backing, directly linking transactions to the real market, and granting users full shareholder rights, thereby attracting more international capital inflows to listed companies. He also praised Robinhood Chain as one of the most exciting ecosystems in the crypto space recently and urged the industry to ensure tokenization is done correctly during its iterative development.