NYSE Tokenization Plan Under Scrutiny
Fortune analyst Omid Malekan recently criticized the New York Stock Exchange's (NYSE) tokenization initiative, calling it more of a marketing ploy than a true technological breakthrough.
The NYSE claims 24/7 trading and instant settlement as key benefits of its tokenization plan, but Malekan argues these features are not exclusive to blockchain — they can also be achieved with traditional centralized systems.
- The real obstacle is the entrenched interest structure of existing intermediaries
- The plan gives no details on which blockchains, stablecoins, or technical standards will be used
Conflict Between Regulation and Market Structure
Since the plan still awaits regulatory approval, the lack of transparency on implementation raises serious doubts. Malekan highlights that blockchain’s true strength lies in its permissionless global access and bearer-asset-like financial infrastructure — a model that fundamentally clashes with NYSE's restriction to qualified broker-dealers only.
In the current climate of financial innovation and regulatory pressure, whether the NYSE tokenization plan will materialize remains uncertain.