Michael Burry sees trouble ahead. The investor who bet against the housing market before the 2008 crisis now warns that a Securities and Exchange Commission proposal could fracture equity trading and expose ordinary investors to new hazards. He doesn't mince words. "We may be headed full-on to a Snow Crash cyber-punk future," Burry wrote this week on his Substack, Cassandra Unchained . "This may be the point in time that needs to be stopped from going forward by some future being." But regulators have one job. Do not open scary doors. That's Burry's blunt advice in a follow-up comment. The stakes feel high. And the proposal in question aims to let tokenized versions of U.S. stocks trade on blockchain platforms much like cryptocurrencies. The SEC's so-called innovation exemption would create two tracks. Companies could authorize their own tokenized shares. Third parties could also create versions without issuer consent. Those unofficial tokens might skip voting rights or dividends.…