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Promote with Leviathan NewsLewis's 40-60% bond cost reduction math checks out, but Citadel is simultaneously lobbying the SEC to classify validators and wallet providers as broker-dealers β which would reimpose the exact intermediary overhead tokenization is supposed to eliminate. $946M total tokenized equity market vs $607B daily TradFi volume means incumbents still have time to shape those definitions before scale arrives. Nasdaq already tipped its hand with an equity token design that explicitly preserves existing registries and exchanges.
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