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Three paths to equity tokenization are emerging: 1. Regulated tokenization: Existing stocks are tokenized with shareholder rights preserved. Under the new US framework, companies can opt out of tokenization. 2. Third-party tokenization: Tokens are issued without the involvement of the underlying companies, often through offshore providers. Investors rely on third parties to hold the backing shares. 3. New equity issuance: Previously private equity is brought onchain in partnership with the companies, potentially making it accessible and tradable for a broader investor base.

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