Written by: TechFlow
Last night, the news that Coinbase's stock will enter the S&P 500 index sparked heated discussion, indicating that pure crypto companies now have a higher status in traditional capital markets and among investors.
However, beyond individual companies, the entire crypto industry and technology still need more recognition.
Also last night, a paper titled "Crypto and the Evolution of Capital Markets" was posted, which quickly generated 200,000 views and nearly 1,000 likes, rapidly becoming a hot topic of discussion in English CT.
This paper not only received widespread support from the crypto community but also attracted the attention of traditional financial practitioners. Dragonfly's founder Haseeb said he has printed out the paper to study and accompanied it with the text LFG (Let's fxxx go).
Beyond serious academic content, the paper brings more of the "emotional value" of gradual acceptance of crypto technology by US regulators:
The paper's author, TuongVy Le, whose fan base has not yet exceeded ten thousand, sparked such high attention for several reasons, including her previous role as a senior advisor and experienced lawyer in the SEC's enforcement department, responsible for handling securities market enforcement cases, including the SEC's earliest crypto-related investigations.
The paper itself discusses that blockchain technology and tokenization can solve the inefficiencies of traditional securities markets, and although crypto technology is not perfect, it is still worth using.
The original post points out that "blockchain and tokenization represent the natural evolution of capital markets, just like paper stock certificates were naturally phased out half a century ago".
Meanwhile, the former SEC enforcement expert believes crypto technology is very useful in securities markets. Current SEC Commissioner Hester Peirce is also considering similar issues and suggests using distributed ledger technology to issue, trade, and settle securities.
Some community comments jokingly ask, with the SEC starting to support it, isn't the spring of crypto near?
We have also read this paper and, amidst the noise of market ups and downs, provide you with another macro-level information reference.
These characteristics make CEX superior to traditional securities markets in terms of efficiency, flexibility, and user control. However, the author also points out that CEX has its own problems, such as custodial theft, vulnerability to attacks, insider trading, and lack of rules.
The author's paper is also very simple, in plain language: using technology to replace excessive intermediary links. However, this does have a bit of a "long-awaited" feel, as a former SEC enforcement expert not only did not show a high-pressure and exclusionary attitude towards crypto technology but instead is extracting its essence to guide the construction of securities markets.
Although the paper does not address the attitude towards crypto assets, the publication and dissemination of such a paper is itself a positive signal, making it easier to attract more existing regulators to examine and embrace crypto technology, rather than viewing it entirely as a menacing beast.
However, the author feels that the views in the paper also bring a long-missed certainty:
Crypto technology is no longer a toy for niche players, but truly has the opportunity to break through and become the "new engine" of traditional financial markets.
The good days for the industry are still ahead, and may you also taste the sweetness.
