IOSG Ventures warns crypto users aren’t truly buying U.S. stocks on CEXs, as a 94% clearing monopoly and layered custody structures dilute ownership rights

Kraken markets xStocks as withdrawable collateral, but its own risk page says holders have no underlying ownership, voting rights, distribution entitlements, or legal claim on company residual assets. Once AAPLx or TSLAx sits in a lending market, the protocol is underwriting Backed, Kraken, depositary institutions, off-hours oracle gaps, and a 1.0% embedded purchase spread.

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