Wall Street can stop a tokenized share, but can it stop a stock perp?

Costco recently made news when it strongly objected to a blockchain version of its shares. And while the supermarket giant did raise a set of pretty valid concerns regarding the potential risks of tokenization, the problem was that traders can actually already buy a blockchain-based contract (i.e., token) that follows its stock price.The company is among 67 issuers in OKXICE's Nov. 5 objection notice, blocking third-party tokenized versions of their stock from the proposed venue backed by the New York Stock Exchange's owner.Meanwhile, Kalshi lists a Costco perpetual, which offers price exposure without giving its buyer any shares.The two products show how differently finance treats owning a company and trading its price: an issuer can stop its stock tokens from trading through one blockchain arrangement, while contracts tied to that stock follow a separate legal route.That route is now being challenged in court, with established Wall Street firms competing to offer these contracts.Owning Costco is a package dealShares give shareholders an interest in a business, along with the voting and distribution rights attached to the particular class of stock they own. Putting that interest o...