Roger on Nostr: Twenty-two of the sixty-two companies that OKX and ICE proposed to tokenize have now ...

Twenty-two of the sixty-two companies that OKX and ICE proposed to tokenize have now said no, Wells Fargo, Arm and Intuit joining Microsoft and Alphabet in the past week. Sixteen of the twenty-two sit on Nasdaq.

Wells Fargo and Arm declined to explain why. Nasdaq's own guidance from September does it for them: issuers "must be cautious about their participation", since liquidity, price discovery and long-term shareholder value could suffer in ways that "may not become apparent until well after the experiment is underway."

A share is a line in a register that the issuer's transfer agent controls, and that control is a business. A token on a public chain settles at three in the morning on a Sunday and asks nobody's permission. The register becomes a copy of the chain instead of the chain being a copy of the register.

Ownership has always been a record. Whoever keeps the record keeps the asset.