Every few years, the capital markets are declared to be on the brink of disruption. And every few years, something interesting happens instead.

The Securities and Exchange Commission’s (SEC) recent release regarding the New York Stock Exchange’s (NYSE) proposed rule change (Release No. 34-105260) to permit the trading of tokenized securities is the latest example. It has all the language of innovation, including blockchain, tokenization, and digital representation, but the structure tells a different story.

Under the proposal, tokenized securities must look exactly like their traditional counterparts in every way that matters. They must have the same CUSIP, the same economic and voting…

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