SEC registration of stocks on the blockchain means tokenization of traditional financial instruments, but unlike previous "synthetic assets" or STOs, it is directly anchored to equity approved by the SEC. If stock tokens are bound to CEG, the blockchain merely becomes a database, contradicting the intent of "eliminating intermediaries." Regardless of the outcome, this marks the beginning of a new era — a transitional phase where financial power shifts from "institutional monopoly" to "technical-regulatory collusion."

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