Sorry to interrupt the love fest over this NYSE announcement, but this reads like vaporware and yet another corporate fantasy masquerading as innovation.
I am happy to be proven wrong, but everything they've put out so far leaves out all the crucial details:
- Which chain?
- What programming language or VM?
- Which stablecoins?
- What jurisdictions? Will it be domestic or global?
- Will the tokens be permissioned, permissionless, or some hybrid?
- What will be the fees and economics be - ICE is a for profit entity
- Why do we even need this when we have DeFi?
The fact that they are seeking regulatory clarity makes the lack of details even more suspect - regulators would need all of these questions answered for approval.
The NYSE is a centuries old institution that owes its entire existence to laws and regulations that guarantee its profits and success. The success of every person who works there, and every cent of its profits, stems directly from this highly centralized and oligopolistic architecture, one built around core principles like delayed settlement that don't exist in crypto.
Tokenization represents a radically different architecture. It requires different skills and business models to be useful. It changes things.
It is highly unlikely that a TradFi firm like the ICE succeeds at both. It would be great for society if they did, but that's usually not how things work.
Those of who have been in crypto for more than a cycle have heard this story before. It always ends the same way. The suit simps will be disappointed yet again.
I am happy to be proven wrong, but everything they've put out so far leaves out all the crucial details:
- Which chain?
- What programming language or VM?
- Which stablecoins?
- What jurisdictions? Will it be domestic or global?
- Will the tokens be permissioned, permissionless, or some hybrid?
- What will be the fees and economics be - ICE is a for profit entity
- Why do we even need this when we have DeFi?
The fact that they are seeking regulatory clarity makes the lack of details even more suspect - regulators would need all of these questions answered for approval.
The NYSE is a centuries old institution that owes its entire existence to laws and regulations that guarantee its profits and success. The success of every person who works there, and every cent of its profits, stems directly from this highly centralized and oligopolistic architecture, one built around core principles like delayed settlement that don't exist in crypto.
Tokenization represents a radically different architecture. It requires different skills and business models to be useful. It changes things.
It is highly unlikely that a TradFi firm like the ICE succeeds at both. It would be great for society if they did, but that's usually not how things work.
Those of who have been in crypto for more than a cycle have heard this story before. It always ends the same way. The suit simps will be disappointed yet again.
https://x.com/malekanoms/status/2013248790988214418
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