AMC Could Create Its Own Cryptocurrency, CEO Says

Key Takeaways

  • AMC CEO Adam Aron says that his theater chain could issue its own cryptocurrency in the future.
  • Aron said that the company is “getting hyperactive in cryptocurrency” and that there are other ideas in the works.
  • The company also plans to accept cryptocurrency by the end of the year, and it already accepts crypto as payment for gift cards.

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Adam Aron, CEO of the theater chain AMC, has suggested that the company could issue its own cryptocurrency.

AMC Is “Hyperactive In Cryptocurrency”

Aron hinted at plans during an interview with CNBC while noting that AMC is “getting hyperactive in cryptocurrency.”

“There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” Aron said, meaning that the company could create its own custom crypto token.

“That’s just one of half a dozen ideas that we’re working on right now,” Aron concluded, though he did not indicate whether all of those plans related to cryptocurrency.

Can AMC Navigate Regulations?

AMC has become popular among retail investors as a “meme stock” alongside other companies like Gamestop’s GME shares. If AMC launches a crypto token, it would likely attract attention, just as its stock has done in recent months.

However, issuing such a token is currently difficult to do in the United States due to restrictive regulations.

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While AMC’s status as an established company may help it gain legitimacy, regulators have made it difficult for well-known firms Kik, Telegram, and Facebook to issue their own currency. As such, its efforts might run into difficulties sooner than expected.

Despite those challenges, the company will not have any issues accepting cryptocurrency. AMC is expected to accept Bitcoin and other cryptocurrencies as payment by the end of the year. This October, it began to allow crypto as payment for gift cards.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Movie Giant AMC Bringing Real-World Use Case to Dogecoin

Movie theater chain AMC says consumers can now purchase gift cards in crypto and use them at their venues.

AMC chief executive officer Adam Aron tells his 187,000 Twitter followers that moviegoers can now load up gift cards with $200 worth of Dogecoin (DOGE) and other cryptocurrencies per day to use online and in physical stores.



“Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy AMC Theatres digital gift cards (up to $200 per day) with Dogecoin and other cryptocurrency using a BitPay Wallet. Accepted on our website, mobile app, and in theatres.”

Earlier this year, Aron conducted a poll on Twitter asking consumers whether AMC should accept the meme coin as a form of payment or not. Out of the 144,000 respondents, an overwhelming 77% of them said yes.

Because of this poll, Aron said it’s “clear” that consumers want AMC to accept payment in Dogecoin and that the company would start looking for ways to incorporate this feature.

AMC’s announcement comes on the heels of billionaire Mark Cuban saying that shoppers prefer using DOGE to pay for goods and services rather than Bitcoin (BTC).

Dogecoin is exchanging hands at $0.24 at time of writing, a 28% increase from its 14-day low of $0.19, according to CoinGecko.

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SEC takes action against two meme stock wash traders

The U.S. Securities and Exchange Commission has filed a complaint against two Robinhood users over an alleged wash-trading-based arbitrage scheme that utilized meme stocks.

According to a Sept. 27 complaint, defendants Suyun Gu and Yong Lee took advantage of differing trading fee schedules offered by different retail brokers and exchanges to extract arbitrage while wash-trading.

By trading between venues that offer rebates to market makers and those that do not charge fees to market takers, the SEC estimates they generated more than $1.5 million worth of rebates in total through the alleged wash trading scheme.

Gu and Lee are believed to have been able to keep nearly half of the rebates as profits, with the commission estimating they profited $668,671 and $51,334 respectively while wash-trading during February through April of this year. The pair are believed to have executed 11,400 and 2,300 trades through the scheme respectively.

The pair are accused of targetting put options contacts for popular meme stocks including GameStop (GME) and AMC Entertainment (AMC). According to the complaint:

“Gu and Lee Believe that other marker participants’ interest in buying ‘meme stocks’ and related price increase would make put options on those stocks less attractive, making it easier for Gu and Lee to trade with themselves.”

While the trading venues used by the pair are not explicitly named in the court documents, it appears the pair were using the popular fee-free investment app Robinhood. The documents state that Gu concocted the scheme after watching the CEO from “Broker-dealer B” outline in a February court testimony that his firm does not charge taker fees to its customers — the same month that Robinhood CEO Vlad Tenev testified before congress regarding market volatility related to GME and other meme stocks.

Related: SEC is ‘open to discussion’ when it comes to crypto: Kraken chief lawyer

So-called “meme stocks” like AMC and Gametop became widely popular as a result of the Robinhood and Reddit-based pump and dump group r/wallstreetbets saga earlier this year.

Robinhood was the subject of controversy in January after the platform halted trading on GME amid the notorious short squeeze against hedge funds that was led by the fiery-eyed Reddit community r/wallstreetbets.

The group responded by immediately converging on crypto, with Dogecoin pumping by 980% on January 28 — the same day that Robinhood acted to dampen the frenzied meme stock speculation.

Robinhood has since estimated that Dogecoin accounted for 62% of its crypto revenues during Q2.