Is it possible that companies choose to issue their own tokens instead of going public through the stock market?

Is it possible that in the near future, instead of going public through traditional stock exchanges, companies will start issuing their own cryptocurrencies or tokens as a way to raise capital? Could this lead to the emergence of a fully decentralized “stock market,” where businesses are able to access global investors directly, without intermediaries, and operate with far fewer regulatory constraints? On the one hand, this model could offer major advantages: increased accessibility, faster fundraising, lower barriers to entry, and the democratization of investment opportunities. On the other hand, without a clear regulatory framework and enforcement mechanisms, could this also lead to higher levels of fraud, extreme price volatility, and a lack of investor protection? Would the removal of standardized rules harm trust and stability, or would decentralized governance models evolve to manage these risks effectively? Ultimately, is this shift toward tokenized equity and decentralized finance a revolutionary improvement over traditional capital markets, or a dangerous path that could erode investor confidence and financial transparency?