Same ticker, same price chart, three possible legal identities underneath: shareholder, beneficiary, or creditor. The category with the most money has the fewest rights, and the SEC's new innovation exemption only opens to the one with the most.

An industry built on cutting out the middleman has concentrated about 94% of tokenized US stock and ETF clearing and custody in one ~250-person California broker, Alpaca. Middlemen don't disappear. They move, and they concentrate.