Sentora co-founder: tokenized stocks need rights and liquidity, not just tokens

• —Rodriguez likened a token to a 'barcode' for asset rights, not the asset itself
• —SEC: holder rights vary by structure — issuer-direct, custodial or synthetic
• —Synthetic tokens track price but grant no direct claim on the company or dividends
• —DeFi collateral and leverage can amplify losses when on-chain and off-chain settlement diverge