And Robinhood’s push into tokenizing shares of private companies quickly faced pushback from one of the world’s most popular startups. The crypto exchange Binance pulled back offerings of tokenized securities in 2021 after German regulators raised questions about potential violations of that country’s securities law. Hilary Allen, a professor at the American University Washington College of Law, said crypto companies have been emboldened by Trump’s victory to be more aggressive in pushing what they can offer. All eyes on private companiesOne of the most closely watched areas of tokenization involves private companies, which aren’t subject to strict financial reporting requirements like publicly traded ones. “Please be careful.”Public companies have strict public reporting requirements about their financial health that private companies don’t have to produce.