Issuer Consent Limits Private Tokenization
Jarsy
Issuer consent is the real bottleneck in private share tokenization, not retail demand. Jarsy can buy shares into a Delaware SPV and issue economic rights tokens, but the underlying company still controls transfer approvals, cap table access, and public messaging around whether a product looks authorized. OpenAI’s 2025 rejection of Robinhood’s OpenAI tokens showed that a company can quickly delegitimize a tokenized product even when the exposure is routed through an SPV rather than direct equity.
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Jarsy is deliberately built without issuer alignment. It keeps Jarsy as shareholder of record and gives users only economic rights, which avoids putting thousands of token holders on the cap table, but it does not remove the company’s ability to object to transfers or challenge the market narrative around those tokens.
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Private market history points the same way. The early Facebook secondary market triggered backlash because companies did not want stock trading behind their backs, which pushed the market toward issuer controlled tenders, transfer restrictions, and platforms built around company approval rather than pure open access.
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That is why issuer friendly platforms like Nasdaq Private Market, Carta, Forge, and EquityZen have structural advantages. They either run company sponsored liquidity programs or consolidate buyers through funds and SPVs, while token wrappers add another layer that some operators view as more legal and reputational risk than economic value.
The market is heading toward a split. Company approved private trading will keep expanding because employees and investors need liquidity, but unauthorized tokenization will stay constrained to issuers willing to bless it or tolerate it. For Jarsy, the path to scale runs through winning cooperation from the most in demand private companies, not just lowering minimums for buyers.