Writing on his Substack channel “Cassandra Unchained” and mirroring the post on X, the Big Short investor Michael Burry pointed to Neal Stephenson’s 1992 novel Snow Crash to frame his concern. The dystopian story depicts a fragmented America where corporations replace governments, citizens retreat into virtual reality, and human relationships erode under the weight of digital identity and economic sorting.

Burry tied that vision directly to recent news that the SEC, under the Trump administration, was developing a broad innovation exemption allowing crypto firms to list tokenized versions of U.S. stocks.

“We may be headed full-on to a Snow Crash cyber-punk future with no long-term personal relationships and digital value embedded in all of us directly correlated to the value provided to a society that increasingly devalues humanity,” Burry wrote.

He added a follow-up in the comments section:

“Regulators have one job. Do not open scary doors.”

Bloomberg reported on May 18 that the SEC plan would create a lighter regulatory path for blockchain-based representations of public company shares. Under the proposal, crypto firms could potentially trade tokenized stock without the underlying company’s direct consent or full traditional regulatory oversight, enabling around-the-clock trading on blockchain platforms.

Critics of the proposal raised concerns about third-party issuance, settlement risks, price manipulation, and investor protection. The plan would push traditional equities closer to the dynamics of the crypto market.

The SEC later delayed the initiative, with reporting on May 22 confirming the pause. The delay suggests internal caution or outside pressure, though no official explanation accompanied the move.

Tokenization of real-world assets, including stocks, bonds, and real estate, has drawn interest from Wall Street institutions seeking faster settlement, fractional ownership, and broader global access. The Depository Trust and Clearing Corporation has explored versions of the concept. Burry sees risk in blurring those lines with less-regulated crypto infrastructure.

Burry’s concern goes beyond market mechanics. He has used Cassandra Unchained to write about artificial intelligence hype, venture capital concentration, and markets he sees as decoupled from underlying fundamentals. He cited a figure suggesting 87 percent of recent venture capital flows went into AI in one reporting period.

Media coverage of the Snow Crash post was wide. Several media outlets picked up the warning, framing it as Burry sounding an alarm on the convergence of crypto and traditional finance (TradFi).

His critics, particularly in the crypto community, frequently dismiss his skepticism as reflexive pessimism. His supporters point to his 2008 housing crisis call as evidence of pattern recognition ahead of market consensus.

Burry has expressed limited openness to understanding tokenization in prior Substack posts, though his overall posture toward crypto speculation has been cautious for years. The SEC’s next move on tokenized stocks will set a precedent for how digital asset platforms interact with equity markets built on decades of investor protection law.

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