The most important question about tokenized stocks is not whether they trade 24/7. It is which record controls ownership when the blockchain and the transfer agent are temporarily out of sync. The SEC's January 2026 statement says tokenized securities can be issuer sponsored or created by unaffiliated third parties, and the rights can differ by structure. A May 2026 JPMorgan fund filing goes further. It says a token balance may transfer onchain before the transfer agent updates the Investor Regi
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