Should Tokenized Stock Only Come From Issuers? Yes, Says Carlos Domingo

Tokenization of real-world assets provides a pathway to modernize financial markets, as demonstrated by Securitize’s recent dual-path IPO. By listing on the New York Stock Exchange while simultaneously offering tokenized shares on-chain, the company bridges traditional regulatory frameworks with blockchain efficiency. This approach contrasts with offshore derivatives, which often lack legal standing, proper shareholder rights, and regulatory compliance. Effective tokenization requires issuer-sponsored models where shares are managed through SEC-regulated transfer agents, ensuring transparency and institutional trust. While traditional market rules like Rule 611 introduce complexity in price synchronization, they remain essential for maintaining market integrity. Ultimately, the future of the industry depends on moving beyond regulatory arbitrage toward sustainable, compliant, and transparent on-chain infrastructure that integrates seamlessly with existing financial systems, thereby attracting large-scale institutional participation.