Tokenization of private company equity is meant to do just that, a limbo state between a private & a public company - so that a private company can have it both ways - liquidity on-chain without having to meet the disclosure standards of a public companies. The issue is what the minimal disclosure& reporting requirements for tokenized companies & their stakeholders. Haven’t seen that specifically addressed anywhere yet. The RH SPV tokenized stocks is a first step, but in terms of the legal structure they chose it’s still not a private company issuing tokenized stock on-chain. Using a third party for the issuance creates a degree of separation between token holders & the underlying asset & fiduciary duty.