Of course, the market cap of security tokens cannot be higher than the market cap of the underlying assets. Unless the underlying assets themselves are digital and thus capable of being transformed into distributed ledger entries, their ownership will be enforced using potential for violence by a centralized entity and not cryptography like on any traditional market. The market cap of all tokenized securities can never be larger than the market cap of the underlying assets but the more assets get tokenized, the greater the market cap can potentially be. The idea is not for wild speculation to drive asset valuations to the moon but increased liquidity making the playing field more level in terms of opportunities to participate in the market.
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This is a great point that the other person I was listening to I don't think really talked much about. What happens to the price of assets when more just the "select few" have an opportunity to invest.
It will be interesting to see what happens when security tokens start getting more and more popular, but I think what I learned the most was (and is good for any investing advice) keep a level head when they do come out.
To the extent the values of some underlying assets are speculative to begin with, there will no doubt be speculative pumps.