Correct, and this is why some of the current "tokenized equities" approaches are a problem
Right now sitting here in the United States, I can log onto a number of trading platforms that are open to connect to US citizens, I can connect an anonymous wallet and trade synthetic tokens on stocks such as Bullish with zero kyc/AML and no one will ever know. I could buy synthetic Bullish tokens completely anonymously the day before a big positive news announcement. Do I have this all correct?