When Stock “Aliases” Begin to Move — A Short Reflection on Tokenized Securities
When Stock “Aliases” Begin to Move — A Short Reflection on Tokenized Securities
I came across an interesting article in the Wall -to-move-a-short-reflection-on-tokenized-securitiesStreet Journal about tokenized securities:
According to the article, digital tokens that “track” the prices of stocks like Amazon and Apple have started to appear and are now traded worldwide. The idea of stock-like tokens moving on a blockchain sounds futuristic.
But what caught my attention was this: who is issuing these tokens?
As it turns out, they are not issued by Amazon or Apple themselves, but by unrelated crypto companies. These firms simply create “Amazon-like” tokens and let people trade them. The token owners have no voting rights or dividends. What they hold is not real stock, but something that mimics only the price of stock.
In a sense, these tokens are like stock aliases — shadows of real shares. The actual shares remain with the original company, but only the price floats separately through another channel. Important elements like dividends, audits, disclosures, or investor protections are missing.
Still, people seem to buy these tokens. Why? Perhaps because for many, as long as the price moves, that’s enough. This reminds me of the financial mood before the 2008 crisis, when price was everything, and few asked what was behind the numbers.
Of course, I’m not denying the potential of new technologies. Blockchain offers transparency, and 24/7 trading is impressive. But I feel uneasy when a system borrows the trust of official markets, yet operates outside their rules.
These tokens are not legally stocks or currencies. They are “something linked to prices” — but they stand on no firm legal ground. They circulate in a space beyond the current financial system.
That’s why I believe we should watch this trend carefully. A structure that copies a system from the outside may look successful at first, but it often holds silent risks.
People are free to invest in these tokens. But as someone who works with accounting and financial systems, I felt the need to share my concern about the structural instability behind these products.
Note 1: What if Amazon or Apple issued them directly?
If these tokens were issued by Amazon or Apple themselves, it would be a completely different matter. The discussion would shift toward investor rights, financial disclosures, and proper legal frameworks.
Note 2: Bitcoin is a different story
Unlike these tokens, Bitcoin is not an alias. It may be said to carry its own form of real substance, backed by scarcity, code, and trust built over time. But that is another debate entirely.
— Koichi Kamachi
Certified Public Accountant (Japan)
