On Friday we were in the kitchen. Monday we went to the store. I grew up stacking cans in my parents’ Italian bakery and specialty market. My old man never trusted the picture on the front. He turned the can around. What’s in it. Where was it packed. Naples on the lid, or California in the tin. That is this episode. Robinhood put an AMC name on a token packed in Jersey. Not an AMC share. A separate instrument. Economic exposure. No vote. Not for U.S. investors. AMC’s CEO found it and called it vile. On Friday, Vlad Tenev published the brief: once a stock is public, going onchain should not give the issuer a veto it never had offchain. Options desks have been cooking off that plate for decades. The other rule sits next to it. If you packed the second can, the lid has to say so. Same ticker. Different can. Live Monday–Friday, 8:30 AM ET on X. In this episode 0:00 Kitchen to grocery store 2:00 Turning the can around 6:00 AMC on the lid, Jersey in the tin 10:00 Does the issuer get a new veto onchain? 14:00 Vlad’s Friday brief 18:00 Share vs. separate instrument 24:00 24/7 rails, wallets, what the consumer actually owns 31:00 Land the plane Read Vlad Tenev, “Tokenization: On Issuer Consent” (Sept 11, 2026) Nothing here is legal, financial, or tax advice.
AMC’s CEO called Robinhood’s tokenized AMC product “outrageous,” “disgusting,” and “vile.” Robinhood CEO Vlad Tenev answered with four words: “What’s the concern?”
Episode 2 of Onchain Radio breaks down the three-way L2 gas strategy between Coinbase, Robinhood, and Kraken — three U.S. exchanges building onchain rails and competing to keep you inside their app.
Episode 3. The kitchen is open. I grew up in kitchens. First-generation Italian American. Sunday sauce on the stove without fail. My brother ran a pizzeria. My parents ran an Italian bakery and specialty market. I even owned a restaurant for a short stint. I don’t recommend that life. I do know a stock when it’s clouding. A year ago Coinbase put the whole house in the pot and called it the Base App — chat, creators, payments, the social everything layer. Yesterday they took that ingredient out and wrote Coinbase Wallet back on the pass. Speed. Trade anything, anywhere, without asking permission. The everything exchange, in your house. Your self-custody wallet is the home kitchen. Your board. Your knife. Your recipe card. Coinbase Wallet. Kraken Wallet. Robinhood Wallet. Lose the card, you’re toast. The exchange is the restaurant. Bigger menu. More burners. You don’t get to walk in and stir. Now the restaurants are boxing the menu up and sending it home. Perps. Tokenized stocks. Prediction markets. Same Ethereum gas under three pots — Base, Ink, Robinhood Chain. Different sauces. Payward took a $100 million check from Nasdaq. Equity tokens aimed at Q2 next year. The Clarity Act is up for cloture next week. Some of what they’re cooking still can’t come to a U.S. table. I used to think the fight was which restaurant won the block. I’m less sure. The neighborhood already has a home kitchen. The fight is which dishes they box up for that kitchen, and which ones you’ll actually put in a pot only you can stir. A good sauce is never finished. Live Monday through Friday, 8:30 a.m. Eastern. Replays on YouTube. Links in my profile on X. Nothing I say here is legal, financial, or tax advice. Yes, I’m a lawyer. Yes, I still have an active criminal defense practice. Yes, I counsel clients in crypto. I am not your lawyer. I hold and trade assets on these chains. This is my opinion. Do your own research. Hosted by Carlo D’Angelo
