Correct me if I'm wrong but... If enough eth validators were owned by public ethereum treasury companies (~20% of total eth supply), you could 51% attack the public equities (ie take majority control, many ways to achieve that via capital markets)- and you'd have governance control over ethereum. In other words securities law would become eth's consensus mechanism.

Really opens quite an interesting investment strategy, since Ethereum is not a security then ethereum holders have no legal rights (correct me if I'm wrong here). You could reorg the chain, slash other users, screw up all assets and L2s issued on top eth... legally pillage.