This is a wonky but important issue. As we think about tokenized security entitlements and the opportunity for issuer-sponsored (native) tokenization, it’s worth remembering that most investors aren’t the registered holder of their own shares. Cede & Co. is. That’s as true for stock held at your brokerage firm as it is for tokenized entitlements. DTC’s proposed DRS upgrade, which aims to cut the time to move shares out of DTC into direct registration from days to minutes, is the right first move. Now let’s make it seamless: one step from a DTC token to a directly registered token, published processing times, and the same speed coming back to street name. That’s how tokenized models, DTC’s and issuer-sponsored, compete on their merits, and how investors get to move freely between them. Nice work @SecuritizeBilly