Ramah Luwalia argues that tokenizing stocks solves no real problem, noting that equities are already among the most efficient and liquid markets in the world. Instead of pursuing stock tokenization, she identifies small business capital formation and cross-margining as far more impactful use cases for blockchain technology. The critique challenges a core narrative in the tokenization movement, suggesting that effort should be redirected toward areas where traditional financial infrastructure genuinely falls short rather than replicating assets that already function well in existing markets.