最新报道：Tokenized stocks and private equity may face some legal challenges, as emerging real-world assets (RWAs) are in a gray area and do not give holders the same legal rights as traditional asset owners, according to industry executives and lawyers. John Murillo, chief commercial officer of fintech firm B2BROKER, said in an email to Cointelegraph that investors should understand the basic properties of any potential tokenized equity instrument, including any dividend streams, profit-sharing arrangements, or whether tokenized RWAs simply provide capital appreciation for holders. “It is critical to understand that investors do not own actual shares; they hold tokens issued by an intermediary that may entitle them to gains if the underlying shares increase in value or are sold,” the executive said. “There is no direct claim on the company’s assets, no voting rights, and no access to internal financial information,” Murillo continued. This important distinction became even more prominent after hybrid asset trading platform Robinhood announced that it would offer OpenAI and SpaceX “private equity” tokens to European users, prompting OpenAI to clarify that the tokens were not equity in the company. “I think it is reasonable to expect that events like the ‘OpenAI Token’ incident will occur again, where retail investors are marketed to tokenized securities in a manner that will cause significant confusion,” Tyler Yagman, an attorney at Ferraro Law Firm, told Cointelegraph. Despite the confusion, tokenized shares offer a “compelling” use case that “unifies multiple functions of the securities market into a single technology,” Yagman added. The attorney called for clear and comprehensive regulations for tokenized equity instruments that can “democratize ” Previously inaccessible asset class. Related: TradFi Agency Urges SEC to Deny Special Treatment for Tokenized Stocks. Robinhood is far from the only brokerage exploring tokenized stock trading; the platform joins a growing list of cryptocurrency giants that are actively promoting tokenized stock trading or already offering these services. Tokenized stock trading is already live on cryptocurrency exchanges Kraken and Bybit, with more than 60 public companies available for trading on both platforms. Centrifuge, a blockchain platform that integrates RWAs into decentralized finance (DeFi) applications, announced a partnership with S&P Dow Jones Indices to tokenize the S&P 500 stock market index. Cryptocurrency exchange giant Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer tokenized stock trading to its customers. Under the leadership of SEC Chairman Paul Atkins, the U.S. SEC has been open to industry requests to promote tokenized financial assets. “Tokenization is an innovation. We at the SEC should be focused on how to advance innovation in the market,” Atkins told CNBC on Wednesday. Magazine: TradFi is building Ethereum Layer 2s to tokenize trillions of dollars in RWAs: Insider Report