SEC endorsement of tokenized stocks is going to force institutional diligence and education into the quality of underlying tokenized securities: SEC itself describes custodial and synthetic tokenized equities and while they can't ever state a preference, do indicate higher risk w/ synthetics. So there's a LOT of education to be done on who gives you the most direct entitlement to the underlying, vs. who is giving you a price feed or tracking NAV in an offshore entity. (Which always makes me wonder -- if you want simple exposure why do that at all? Why not just use perps?) So just like someone is going to wake up in a few months and realize their Anthropic SPV of an SPV of an SPV doesn't have enforceability rights-- Someone is going to wake up in a few years realizing they never owned a direct claim to an Apple share at all but instead a debt instrument against a BVI entity that can independently default. Basically I don't think this is a tech problem anymore. ERC-20's work. Now it's about dividing up the world and segmenting by institutional preference. My bet is onshore institutions will want the strongest legal wrapper and the most airtight claim to "we let you trade actual stocks." And offshore will prioritize speed to market, availability, and DeFi nativity.