Key Takeaways:
Michael Burry cited Neal Stephenson’s 1992 novel Snow Crash in a May 19 Substack warning about SEC tokenized stock plans.The SEC under the Trump administration proposed an innovation exemption for crypto firms, but delayed the plan on May 22, 2026.Burry’s warning signals growing investor concern that tokenized equities could expose markets to 24/7 volatility and manipulation risks.“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.”
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.
