Fairmint CEO Joris Delanoue warned that the rapid growth of tokenized equities could create a digital version of Wall Street’s 1960s paper crisis if exchanges, special-purpose vehicles, token wrappers and proprietary ledgers fragment ownership records. The earlier crisis overwhelmed a paper-based settlement system, contributing to exchange closures and the creation of centralized securities depositories and the Depository Trust Company. Delanoue said tokenized stocks must preserve the safeguards, guarantees and trust associated with direct equity ownership, noting that some products offer only economic exposure rather than legal title. That distinction could leave investors uncertain about voting, dividends and claims on assets if an issuer or SPV fails. The tokenized-equity market has grown to roughly $2 billion from less than $500 million at the end of the first quarter, although it remains small beside the more than $100 trillion traditional equity market. Delanoue is calling for common technical and legal standards, interoperable trading and securities systems, and clear investor ownership records. Similar standardization debates are underway around stablecoins and central bank digital currencies. Fairmint provides onchain securities infrastructure and operates as an SEC-registered transfer agent, while Bullish, CoinDesk’s parent company, agreed in May to acquire Equiniti for $4.2 billion to add similar capabilities to its digital-asset exchange.