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Tokenized equity issuers weigh synthetic versus direct share models after SEC move
The SEC exemption for tokenized equities has prompted renewed debate over custody, investor rights, compliance, and access for non-U.S. users under competing token structures.
The Defiant examined how the SEC's exemption for tokenized equities has reignited a core design question for the market: whether a tokenized stock should be structured as a synthetic instrument that tracks the underlying share price, or as a direct claim on the actual underlying shares.
In a discussion with legal and industry participants, the outlet highlights how Rodrigo Seira of Cooley explains what the exemption allows, and where the legal boundaries still remain.
Guests from Dinari and Ondo Finance, Gabriel Otte and Peter Curley respectively, describe how each structure can differ across custody arrangements, investor rights, compliance requirements, and whether non-U.S. users can access the products.
The segment, hosted by Camila Russo of The Defiant, frames the models as competing approaches for scaling now that the regulatory landscape has shifted.