Insights
From the desk.
Notes on tokenization, regulation, and the build of digital-asset market infrastructure.
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Article·Markets
The end of trust intermediaries
AI supplies trustless judgment, blockchain supplies trustless verification. Together they make the institutional trust layer economically unnecessary.
July 2026Article·Markets
The NAV discount problem
Why digital asset treasuries trade below their own assets, and the structural fix that closes the gap.
July 2026Article·Markets
The ETF playbook for tokenization
The wrapper wins, not the asset. The same trade the ETF ran thirty years ago, one layer down.
July 2026Article·Tokenization
Issuance is solved. Distribution is the constraint.
Minting is a commodity. Licensed reach and real secondary liquidity are the scarce, value-capturing layer.
July 2026Article·Regulation
MiFID II or MiCA?
Which license actually lets you issue tokenized securities in Europe, and why the distinction decides everything.
July 2026Article·Regulation
MiCA reset the market
Of 1,200-plus pre-MiCA firms, roughly 210 secured authorization. The gap is the moat.
June 2026