Citi and Coinbase are making significant strides in the tokenization of financial assets. Citi has introduced what it calls "tokenized shares," which are actually depository receipts, while Coinbase has launched on-chain shares and dividends. These developments highlight the rapid pace of innovation in the tokenization space. However, both companies face challenges as the legal infrastructure necessary to support these advancements has not yet fully developed. This situation underscores the need for regulatory frameworks to catch up with technological progress.