Hi Andrea,

thanks for this interesting question, and indeed I acknowledge your arguments (and your well-written article). However, concisely put, the tokenisation enabled by a blockchain gives you an option (with probability greater than 0) of obtaining a liquidity premium for security tokens of e.g. SME firms that would otherwise not be easily tradable at all. Hence, given a proper legal setup, you are better off in any case since you benefit from the enforceable rights plus a potential liquidity premium (including a distributed consesus that enables transparency and immutability of the transactions).