A few weeks ago I wrote about Nasdaq and Kraken building tokenized stock infrastructure. Now NYSE just signed an MOU with Securitize to do the same thing. The two largest exchanges in the world are both building blockchain-based platforms for trading tokenized equities and ETFs. 24/7. Near-instant settlement. Stablecoin-funded. Securitize — backed by BlackRock and Ark Invest — will be the first digital transfer agent eligible to mint blockchain-native securities on NYSE's platform. Nasdaq is layering tokenization onto existing infrastructure. NYSE is building a separate blockchain venue from scratch. Different architectures. Same direction. The race isn't "will tokenization happen." That question has been answered. The race is now about who owns the infrastructure when it does. And finance teams watching from the sidelines: the accounting frameworks for what comes next don't exist yet. That's not a problem for later. #Tokenization #RWA #DigitalAssets #NYSE #InstitutionalFinance

The SEC just moved the capital haircut on payment stablecoins from 100% to 2%. The GENIUS Act is in active implementation, creating an actual legal definition for "payment stablecoin" for the first time. Big shifts. But here's what I keep seeing with enterprise finance teams... ↓ The regulatory floor moved and the accounting guidance hasn't caught up. FASB is waiting on legal clarity. Legal is waiting on implementation. Your auditor is waiting on FASB. Most teams are stuck in this circular dependency. The companies navigating this well aren't waiting by for the loop to close. They're building the ASC 230 memo now. Documenting redemption enforceability, issuer status under the GENIUS Act framework, and having the auditor conversation before they take a position. The window to build a documented position proactively is open right now.

Looking forward to dinner tonight at UK Parliament to learn how the US and UK can continue to work together in advancing the crypto industry. Special thanks to @CryptoUKAssoc and @DigitalChamber for the warm invite.

If you're stressed about crypto taxes, you don't have to be. We've done the hard work so you don't have to. We're not cutting corners. We're building tools that actually get it right... cost basis, transaction classification, reporting. Welcome to crypto tax clarity.

The fastest way to hate crypto accounting? Treat it like a spreadsheet hobby. If you’re holding material balances, you need: → wallet inventory + ownership → transaction classification rules → valuation methodology → reconciliation workflow → documentation that survives audit Your “we’ll figure it out later” strategy is self sabotage.

Let’s be honest. This delay isn’t about consumer protection. It’s about protecting fractional reserve lending and bank profits. Banks are lobbying hard to keep the status quo because it works for them, not consumers. Delaying crypto regulation hurts Americans, not “innovation.” 🧵👇 thestreet.com/crypto/policy/…

The @MorganStanley journey to institutional crypto adoption: A brief history... → 2021: opened the door via Bitcoin funds for certain wealth clients → 2024: allowed advisors to actively pitch select spot Bitcoin ETFs to eligible clients → 2025: expanded crypto investment access more broadly across clients/accounts → 2026: filed for their own spot Bitcoin ETF ETF wrappers reduce a ton of operational friction for investors who want Bitcoin exposure without dealing with wallets, exchanges, key management, etc. Bitcoin is increasingly living inside the same rails TradFi already trusts.

2019: After our ICO settlement at SALT, we asked the SEC for a reasonable grace period to meet 10K and 10Q reporting. The answer was no. A small crypto startup was expected to operate like a fully public company overnight. 2025: The SEC is now discussing an innovation exemption for 2026 that would give early stage projects space to mature before absorbing full public company reporting requirements. If executed well, this is meaningful progress for legitimate builders. Onwards.