The tokenization conversation keeps obsessing over the token. This article makes the better point: the real constraint is the seam between legacy legal infrastructure and on-chain systems. Most current products are still wrappers. Ownership, not just exposure, is what actually matters when things go wrong. Worth reading if you work in market structure or post-trade.
- The article argues that the true challenge in tokenization lies in bridging legacy legal infrastructure with on-chain systems, rather than focusing solely on the token itself.
- It distinguishes between 'price wrappers' and actual ownership of assets like equities, emphasizing that true ownership matters most during stressful market conditions.
- The core opportunity in equity tokenization is identified in improving settlement and collateral mobility, while issuance and regulatory aspects remain tied to existing legal frameworks.
Topics: Asset types, Legal regulatory, Infrastructure providers, Financial instruments, Securities law classification, Tokenization platforms
Tags: #tokenization #equitytokenization #legalinfrastructure #onchainsystems #ownership #pricewrapper #settlement #collateralmobility #marketstructure #posttrade
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