Tokenized Equities Need an ADR Structure to Protect Investors
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最新报道：Tokenization holds transformative potential for capital markets, but current models for tokenized equities remain fragmented and lack traditional safeguards. Two dominant approaches exist: synthetic wrapper tokens (offering no governance rights or direct ownership) and on-chain issuance (facing operational complexities). A promising solution lies in adapting depository receipts (DRs), particularly American Depositary Receipts (ADRs), which have facilitated cross-border equity trading for over a century. Tokenized DRs could combine blockchain benefits with established investor protections, preserving shareholder rights, ensuring regulatory compliance, and enabling full fungibility. This model, already integrated into global finance, offers a scalable bridge between traditional securities and tokenized infrastructure without requiring new frameworks. SEC Commissioner Hester Peirce has noted tokens could function as securities receipts, further supporting this approach.
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