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Aaron Kaplan, founder of Promethum, argues that blockchain-based synthetic tokenized stocks — debt instruments that track U.S. equities without granting ownership of underlying shares — harm American investors and the U.S. capital markets model. He contrasts these 'wrappers' with tokenized digital twins that represent actual custodial ownership of shares and says the SEC's new innovation exemption excludes synthetic tokens in favor of real-ownership models.
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