🍊LiquidResonance🌱

🤔 chia:native Chia and Permuto supporters saying the SEC’s tokenized-stock delay “doesn’t apply” because Permuto is filing registered securities are missing the real issue. Permuto и @chia_project is not just putting Microsoft stock on-chain in a simple wrapper. Its model is much more ambitious: a third-party trust holds the underlying shares, then splits the stock into separate Dividend Certificates and Asset/Appreciation Certificates. Those certificates are intended to trade separately, carry pass-through voting mechanics, and can be held either through DTC or as Chia Asset Tokens on the Chia blockchain. That last part is the whole point for Chia. Permuto was designed as a blockchain-first structure. The CAT version is what turns this from a niche structured equity product into Chia’s flagship real-world asset use case: self-custody, peer-to-peer transferability, lower-cost distributions, faster settlement, and a 24/7 market narrative. That's why Bloomberg's SEC insider information is important. The SEC is reportedly slowing down the “innovation exemption” because the hardest questions are around third-party tokenization ❗️of public equities: products created without the issuer’s involvement, trading on crypto rails, with complicated questions around dividends, voting rights, KYC, sanctions screening and market integrity. Yes, Permuto is trying to do this through registration, not by launching some offshore synthetic stock token. That makes it cleaner than most tokenized-stock experiments. But it does not make it immune. The deeper question is whether regulators are comfortable with public-company equity exposure being unbundled, tokenized, and transferred on a blockchain by a third-party structure that Microsoft, Apple or Broadcom did not create, sponsor or control. If the final exemption is narrow, limited to plain digital representations of existing shares, Permuto’s more creative split-certificate model becomes a much harder regulatory sell. It's likely that the product will never be launched at all.