Wall Street can stop a tokenized share, but can it stop a stock perp?
Summary
Costco and 66 other companies objected to OKXICE’s proposed tokenized shares, which would represent actual shares and preserve shareholder rights. The objections do not prevent separate products that track stock prices: Kalshi offers a leveraged Costco perpetual that grants no ownership or voting rights and carries liquidation and funding risks. The legality of these equity perpetuals is being challenged. A federal judge found challengers likely to succeed in arguing the CFTC exceeded its authority, but denied an emergency order, leaving approvals in place for now. The dispute highlights different rules and investor protections for tokenized ownership versus derivatives exposure.
