SEC’s tokenized stock plan could force crypto exchanges to answer what investors really own

Given how far the crypto market has come in terms of regulation, the next big fight won’t be about Bitcoin, stablecoins, or even memecoins. It’s going to be about whether a crypto exchange can list tokenized stocks that track Tesla, Apple, or Nvidia without those companies ever agreeing to it, and whether the retail investors buying those tokens understand that they’re not shareholders in any meaningful legal sense. …