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I’m not terribly surprised by this, nor do I think it’s a major indictment of tokenized equities. For many issuers, this likely came out of the blue. They’re being asked to make a decision about a fundamental shift in how their shares are traded and settled, without much time to understand the implications. It’s a major leap, not unlike the transition from paper stock certificates to electronic shares. Opting out for now isn’t necessarily opposition to tokenization. They just need time.

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