@penzlik

the entire tokenized stock debate is people guessing whether the ticker will be cbTSLA or cbAAPL nobody is asking who legally owns the share Coinbase says theirs is real ownership, not a derivative, not an IOU. that is a direct shot at Robinhood, whose tokens are debt securities from a Jersey entity that grant no rights in the actual stock. so the claim is the product. and the legal structure behind it has not been published. this is not pedantry. equities as DeFi collateral only work if the claim survives a liquidation. a claim on an SPV is not a claim on Apple, it is a claim on a company that owns some Apple. same chart. different bankruptcy. read the terms, not the announcement.

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