Back when investors held paper stock certificates, including bearer securities, which de-centralised ownership recording, shares were frequently lost, stolen, damaged and fought over after someone's death, intestacy, bankruptcy et cetera. Returning to tokenized holding would heap costs currently well managed by the system onto end users. (One would also have the problem of irreversible transactions being incompatible with modern law and securities practices.) "Stocks but on blockchain" is a regression for everyone except the hucksters.
Back when investors held paper stock certificates, including bearer securities, which de-centralised ownership recording, shares were frequently lost, stolen, damaged and fought over after someone's death, intestacy, bankruptcy et cetera. Returning to tokenized holding would heap costs currently well managed by the system onto end users. (One would also have the problem of irreversible transactions being incompatible with modern law and securities practices.) "Stocks but on blockchain" is a regression for everyone except the hucksters.