Nasdaq CEO warns tokenized stock derivatives obscure price discovery
- —Friedman outlined three tokenization models; Nasdaq favors issuing and trading tokenized shares through existing market infrastructure
- —Stock-backed derivatives do not confer direct company ownership and reduce issuers' visibility into trading
- —Trading outside the core market system fragments liquidity and undermines centralized price discovery
Why it matters: The stance of the largest US exchange sets the rules of the road for equity tokenization already pursued by Solana, Robinhood and Kraken.
Source: Crypto Briefing