Great article Cole! One thing I’ll say is while security tokens have the potential to create exotic financial instruments similar to the CDO^3, you could argue it won’t create an opaque Big Short situation where investors need to dig through countless paper documents to have a glimpse at the underlying assets because they are all digitally native. Ideally it should be a relatively easy task to do any sort of risk analyses as a few lines of code should uncover the exact holdings of any tokenized derivative.