What's the most likely cause of the latest internet spat between two high-profile CEOs? Tokenized stocks, of course.

AMC Entertainment chief executive Adam Aron criticized Robinhood Markets' Vlad Tenev on X after the broker launched AMC stock tokens. AMC is among more than 190 companies and ETFs that are now linked to tokens registered by a Robinhood subsidiary on an island roughly 3,000 miles from the U.S.

Tenev's response: "What's the concern?"

Among Aron's criticisms: Jersey, the largest of the Channel Islands, isn't subject to U.S. securities laws. He also noted that third-party tokens interfere with a company's ability to raise capital since they are derivative products, and that token investors don't get a true stake in a company's equity and associated shareholders' rights.

"This quasi-fake market you are creating on the island of Jersey sows distrust amongst the public about financial markets in general," Aron wrote.

The AMC CEO called the practice "contemptible, outrageous, disgusting, detestable, inexcusable, vile," and said the movie-theater operator doesn't have any connection to or condone the offerings.

Tenev's response? "We stand behind Stock Tokens."