Robinhood AMC Token Dispute Exposes Rift Over Legitimate Tokenization Models

A debate has emerged over Robinhood's AMC token, centering on which model of asset tokenization should be considered legitimate. The U.S. Securities and Exchange Commission has stepped in to draw a regulatory boundary on the matter. Bullish executive Tram Doman argues that the more fundamental question is what conditions must be met for tokenized assets to constitute a functioning market. The controversy highlights a broader gap in the industry that no single actor can bridge on their own.