at the end of the day it really isn't even a regulatory risk. The issuers are doing what they're supposed to, the tokens are acting like they're supposed to, the rights and responsibilities of the tokenized equities still hold true (if the issuer is reputable of course), the main issue is liquidity. There are simply not enough tokenized stocks issued and they're too bifurcated across chains. I think the ladder is the biggest risk/issue right now. You cant have (at some future date) 95% of the circulated supply onchain but they're spread across 8 different chains and not have people easily swap between them. They need to be omnichain with omnichain liquidity pools to truly allow for 24/7 trading...(or it just becomes extremely centralized and it's all on NASDAQ chain or whatever).