An analysis has emerged suggesting that the U.S. Securities and Exchange Commission (SEC)'s policy of allowing stock token listings could fragment liquidity and profit structures. According to Cointelegraph, Ryan Yoon, head of Tiger Research, stated, "As capital is dispersed from centralized exchanges to various blockchain platforms, liquidity fragmentation may occur. Traditional finance views the disintegration of previously integrated liquidity as a serious structural threat. If the same listed stocks are tokenized across different blockchain networks and decentralized platforms, trading volume and order flow, which should be concentrated in a single market like the existing New York Stock Exchange (NYSE) or Nasdaq, will be dispersed across multiple platforms. This will lead to price differences between platforms, increased slippage during large orders, and ultimately a decrease in market efficiency," he pointed out.
