U.S. markets are the envy of the world because investors trust that whoever owns a share owns it fully, writes Aaron Kaplan, founder of Promethum. The synthetic models cheapens that trust, shortchanges U.S. investors, and undercuts the issuer-led capital markets model. Five years ago, Robinhood and AMC were the faces of the meme-stock era; now their CEOs are at war with each other over tokenized stocks — blockchain-based instruments that represent, or claim to represent, shares of a company. Ad…
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