Equiniti CEO Dan Kramer presented his integrated tokenization model at a Nasdaq conference, arguing that tokenized securities should preserve full shareholder rights including voting power and dividend entitlements while representing shares on blockchain. This approach addresses concerns about third-party tokenized instruments operating without issuer involvement, which risk creating synthetic instruments lacking legal weight. Nasdaq has received SEC approval for token-settled equity trades, validating the model Equiniti has been developing. Bullish agreed to acquire Equiniti for $4.2 billion on May 5, 2026, with closing expected in January 2027. The deal pairs Bullish’s digital asset exchange capabilities with Equiniti’s decades of shareholder record management experience, positioning tokenization as complementary to rather than replacing traditional infrastructure.
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