@scottmelker That distinction matters. Infrastructure for existing market participants and open access for investors are two different products, and both will probably coexist for a while. Reply to @scottmelker: DTCC's customers are the brokers and banks that trade there, not investors Securitize CEO Carlos Domingo says DTCC's tokenization serves its own ecosystem, and open, permissionless blockchains are how you win "I think it's interesting from the perspective of they're putting the word out there, tokenization. They're forcing all these traditional companies to think about wallets and things like that." "This solves efficiency problems and post-trade problems within the DTCC ecosystem, which is very different than, let's put this outside in an open, permissionless blockchain." "In the history of technology, open, permissionless environments where anybody can innovate and anybody can provide new applications has always prevailed. Because that's where innovation happens." "I want to put my tokenized stocks on Solana or Ethereum or Avalanche or whatever, and let people build stuff around it. They don't have to come to me to do it. And that's how you win."