Changes

The US Securites Act of 1933, The Securities Exchange Act of 1934, the Investment Advisors Act of 1940 Act etc represent large and complex legal requirements which securities tokens WONT change -

For example they still will be required to be truthful in comms, all kinds of compliance, they will still have to be restricted in movement after certain types of excempt offerings like Reg A etc. or accredited investors Reg D etc

but it WILL solve for many layers of things not required by law which have accumulated over the years

right now when you own stocks you have to trust the issuer AND you have to trust DTCC, Cede & Co., brokers, transfer agents, registrars and clearing firms/ custodians - with tokenized securities toibonlt need to trust the issuer

“Who the heck is Cede & Co. & DTCC and why do I need to trust them?” Glad you asked — this is the central party who controls the ledger now - it can’t be done by issuers (who we already trust)

The current system requires sharing of information by brokers who DO NOT TRUST each other -this is why they need to trust someone (or a blockchain) to run that ledger for them

This is classic Byzantine Generals dilemma - please don’t assume it’s easy or that a trusted issuer could run the ledger- they can’t - only way it’s worked is with a 3rd party - this party (not the issuer!) Can be replaced by a blockchain