Stacey Cunningham, who served as NYSE president from 2018 to 2022 and recently joined digital asset platform Bullish as president, said stock issuers are the missing piece in tokenization, CoinDesk reported on November 10.
Cunningham told CoinDesk that “there’s a lot of synthetic tokenization happening” and that “issuers are not part of those conversations.” She said companies need a clear reason to take part, such as shareholder visibility and simpler recordkeeping, and added that “once issuers see the value that tokenization delivers to them, I’m confident we’ll see fast adoption.”
According to CoinDesk, Bullish plans to buy transfer agent Equiniti for about $4.25 billion, with closing expected in January 2027 subject to regulatory approvals. Equiniti has relationships with nearly 3,000 corporate issuers and more than 20 million shareholders. Bullish intends to combine it with its exchange, custody, trading and market-making tools to build an issuer-focused platform supporting Solana, Ethereum and Aptos.
Bullish tokenized its own shares on Solana earlier in 2026. In October, at an NYSE event, it demonstrated the transfer of 61 million reserved tokenized shares administered by Equiniti, CoinDesk reported.
CoinDesk also tallied that, as of November 6, 56 of 62 companies initially selected for a planned tokenized-stock venue backed by OKX and Intercontinental Exchange had objected. Cunningham said Bullish can proceed without the stalled CLARITY Act. CoinDesk is part of Bullish.
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