Are you saying that there's some blockchain solution to this problem? Because I don't see it. You will not get shares listed on a decentralized system without some entity vouching for them, which remains legally liable.
What prevents it (or its users) from being regulated to death if the authorities wish to do so?
For instance how do you ensure that a token representing something in the real world will still represent it when the authorities start looking at it and decide to shut down the entities guaranteeing that you can reclaim an actual share in exchange of an ERC20 token?
