The tokenization pushback

plus: the empty EU DLT pilot, trade theatre, BTC, DXY and more

“Whenever you find yourself on the side of the majority, it is time to pause and reflect.” – Mark Twain ||

Hello everyone! I hope you’re all doing well and taking care of yourself – this week, more than most, requires stamina.

If you missed my livestream with Maggie Lake last night, you can catch it here (YouTube link), or listen here (Spotify link).

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IN THIS NEWSLETTER:

• The tokenization pushback

• The empty EU DLT Pilot

• Macro-Crypto Bits: trade deal theatre, BTC vs DXY

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

The tokenization pushback

Not everyone is excited about how fast tokenization is moving. Last week, Citadel Securities wrote to the SEC urging the regulatory agency to resist what it calls “self-serving requests for broad exemptions from longstanding securities regulations”. It’s almost certainly thinking of Coinbase’s request last month for exemptive relief or a no-action letter in order to offer tokenized shares.

The principal objections include: