Regulatory Friction Emerges

Regulators scrutinize whether tokenized stocks used as collateral on decentralized lending venues implicate securities, broker-dealer, or custody rules. This would not necessarily derail Aave's expansion, but it could slow U.S.-linked activity and push growth toward permissioned or offshore structures.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.