New SEC rules opening doors for tokenized stocks sound revolutionary on paper, but Wall Street isn't holding its breath. TD Cowen recently pointed out that actual retail and institutional demand for blockchain-based equities remains surprisingly muted. Why? Traditional brokerages already offer frictionless trading with deep liquidity, leaving little immediate incentive for investors to migrate to on-chain alternatives just yet. Real adoption needs more than regulatory green lights. #RWA #Tokenization #Securities