Robinhood's CEO said something softer about AMC, and AMC stock jumped 5% while Robinhood stock barely flinched. The divergence reveals exactly which company investors think has more to gain from a tokenization truce.

Robinhood's Vlad Tenev said public companies can’t control financial products built around their stock while acknowledging token holders don’t get voting rights.

Tenev told CNBC's "Squawk Box" on Wednesday that public companies shouldn't have veto power over third-party securities that reference their shares.