I wonder what the CFOs of private companies think about tokenized shares. And what courts will think if the shareholder agreements have transfer restrictions. 

Are the shares actually derivatives?

I imagine at the start the blockchain is just used as a settlement layer. Transfer restrictions are prob still respected by agent brokering deals. That’s mostly how we pitched at it at Harbor back in 2019.

Otherwise you’d have to get tokenizaton-friendly clauses at issuance stage (very hard), or issue tokens as ownership of entities owning the actual shares (complex & gray).