Tokenized pre-IPO shares topic ignites legal debate at Consensus Hong Kong 2026

At Consensus Hong Kong 2026, Ultan Miller, CEO of Hecto Finance, promoted a blockchain-based index of tokenized pre-IPO shares from elite private companies like OpenAI and SpaceX, aiming to give public investors access via the Canton Network. However, this concept faces sharp criticism, notably from Edwin Mata of Brickken, who warned that tokenizing shares without issuer consent risks legal fallout, investor protection issues, and market chaos, citing the prior backlash from OpenAI against Robinhood's tokenized equity giveaway. Miller acknowledged the current legal "grey area" but views tokenization as an inevitable transition for traditional securities onto programmable rails, while Mata stressed that tokenization is merely a technological overlay that requires adherence to corporate law and clear regulatory frameworks to create genuine liquidity and avoid misrepresenting investor rights.

(Source：CoinDesk)