Nasdaq’s tokenization filing keeps same CUSIP, same book and same execution priority, with token form only showing up at settlement; the value capture shifts toward DTC/broker-dealer plumbing. Once tokenized AAPL trades through an AMM/RFQ, “1:1 backed” proves inventory; best-ex is a separate claim, and MEV/stale-oracle/weekend basis become embedded transaction costs. SEC staff already gave the hammer in January: exposure without a direct or indirect ownership interest can land in linked-security or security-based-swap territory. Securitize/Jupiter/Jump is the useful stress test: can PropAMM liquidity sit inside broker-dealer ATS controls without turning every protected equity fill into a venue-priced spread?

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