Who actually gets to see what across a tokenized regulated asset splits into four genuinely different visibility arrangements worth mapping precisely.

Issuers hold power over the asset's own logic rules access conditions corporate actions disclosure requirements built directly into the asset itself. Investors hold power over their own exposure balances and transfers that don't need broadcasting to the entire internet by default. Venues hold power over their own operating picture permissions and settlement processed without exposing everything underneath. Builders hold power over the user experience layer itself privacy covering rules and data not just which address holds a token.

Whether one of these four could ever override what another controls isn't something I found explicitly addressed the documentation describes each domain separately without spelling out what happens if they conflict.

Where the real power sits as far as it's described distributed across four separate domains not concentrated in whoever happens to be watching the chain.

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