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Crypto mother Hester came out to issue a statement that tokenized securities, whether on-chain or off-chain, are securities, which is equivalent to blocking the behavior of plugging in the sideball.
If you think about it, you must do this, otherwise everyone can completely bypass the securities law system and give unlisted equity a "STO" in advance, then not only OpenAI, but also a bunch of companies will jump.

10.7.2025
Some thoughts on tokenization of securities:
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