Unlocking RWA potential: Sandy Kaul's insights from Franklin Templeton

$1.5B in FOBXX across 10 chains, and now Ondo is tokenizing Franklin Templeton's equity and gold ETFs on-chain. Once those tokenized ETF shares become composable collateral in lending protocols like Aave or Morpho, you've got SEC-registered fund shares backing DeFi leverage — and that regulatory grey zone between registered securities and permissionless lending is going to be an absolute nightmare for enforcement. Kaul's "wallet-native" vision sounds clean until you realize it means TradFi compliance frameworks have to coexist with MEV bots and flash loan liquidations.

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