The US tokenization exemption is exciting but for the foreseeable future it's not going to be where the action is. As Eleanor's note makes clear, it's going to be roadblock after roadblock.

Disruptive technologies always start on the edges, serving people who are poorly served by the existing system. For stocks, that means the 4+ billion people who don't have access to US stocks, crypto-native investors who are used to 24/7/365 trading, and active traders who want to execute strategies the existing system doesn't support. Those are very big markets.

TradFi overestimates TradFi tokenization and underestimates degen tokenization.