Brian Armstrong supports the tokenization of Coinbase stock because he wants more people to be able to own it. Uncle agrees that access needs to be expanded. But before getting excited about “stocks going on-chain,” Uncle wants to check three things. 1. What exactly do you own? Rights to the original shares, a claim against the token issuer, or a product that merely tracks the price of COIN? These are not the same thing. 2. Who holds the underlying shares, if there is any stock backing? How are dividends, voting rights, and investor claims handled if the issuer encounters problems? 3. How does redemption and liquidity work? Just because you can transfer the token anytime doesn’t necessarily mean you can sell large quantities without a wide spread. Brian’s statement is support for tokenization—not a full product announcement with detailed rights structure and trading dates. For Uncle, the added value is only strong if easier access isn’t paid for with weaker investor rights. If the price and fees are the same, what’s your main reason for choosing a tokenized stock over shares bought through a broker?