BEWARE THE LOFTY PROMISES OF TRADFI FIRMS EMBRACING TOKENIZATION

Summary from the TLDR Crypto newsletter

TradFi's tokenization press releases hype 24/7 settlement and programmability, but they largely ignore the existential risk that permissionless onchain rails pose to their incumbent moats. These firms can't get the upside without meaningful cannibalization and mistakes along the way. If these firms fail, they'll use adoption carrots and regulatory sticks to push crypto toward permissioned, captured “crypto-like” systems.