CRYPTO AND THE EVOLUTION OF THE CAPITAL MARKETS

Summary from the TLDR Crypto newsletter

Blockchain presents a fundamentally improved architecture for capital markets by replacing today's opaque, rent-extracting systems with transparent, trustless frameworks. Tracing the transition from the 1970s paperwork crisis to the DTCC-dominated clearing model, the authors of this paper argue that policy decisions entrenched intermediaries that blockchain technology now seeks to disintermediate. They advocate for regulation that prioritizes transparency, programmability, and peer-to-peer ownership as tokenized securities evolve.