Could tokenized securities change the IPO market, SPACs, and private-market liquidity?

The SEC seems to be moving toward a more permissive framework for tokenized securities. Chair Paul Atkins recently said the SEC is close to releasing an “innovation exemption” that would give market participants a controlled framework for compliant on-chain trading of tokenized securities.

Nasdaq has also received SEC approval to allow trading and settlement of certain eligible securities in tokenized form, which makes this feel less like crypto hype and more like a real capital-markets experiment.

The question I’m thinking about is how this affects financial markets from different angles:

IPO market:
If companies can eventually raise capital and provide liquidity through compliant tokenized securities, does the traditional IPO become less necessary for some companies?

SPACs:
SPACs became popular partly because they offered an alternative route to public markets. If tokenized securities create a new regulated path for liquidity and fundraising, does that make SPACs less attractive?

Private markets:
This could be the biggest impact. Tokenization may make private shares, fund interests, credit assets, and real-world assets more tradable, especially if compliance, transfer restrictions, and ownership records can be handled on-chain.

Exchanges / brokerages:
If tokenized securities trade alongside traditional securities, exchanges may become more like hybrid market infrastructure providers instead of just venues for traditional stocks.

Asset managers / private funds:
Tokenized LP interests, private credit funds, real estate funds, and SPVs could become easier to administer and potentially more liquid.

My view: the first-order impact is probably not “IPOs disappear.” It’s more likely that the line between private and public markets starts to blur.

Curious how others see it. Is tokenization a real market-structure shift, or still mostly a better back-office wrapper?