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Blockchain The New York Stock Exchange has reignited the tokenization debate after signaling plans to explore blockchain-based infrastructure, but not everyone is convinced the initiative is as groundbreaking as it sounds. Among the most vocal critics is Omid Malekan, who argues that the proposal currently looks more like a branding exercise than a concrete technological shift. Key Takeaways The NYSE tokenization plan remains vague, with no clear information on blockchain infrastructure, governance, or economics. Omid Malekan argues that tokenization conflicts with the NYSE’s centralized market structure. Crypto veterans see the announcement as familiar, warning it could repeat past TradFi blockchain experiments that failed to deliver real change.  Malekan’s critique cuts to the heart of a long-running tension between traditional finance and crypto-native systems: tokenization promises a fundamentally new market structure, yet it is being proposed by institutions built on the exact opposite principles. Big Vision, Missing Foundations While the NYSE announcement has been welcomed by some as a sign of Wall Street embracing blockchain, Malekan points out that the plan is light on substance. Core architectural questions remain unanswered, including what blockchain would be used, how settlement would work, and whether the system would operate in a permissioned or open environment. These omissions matter, especially since the exchange has openly acknowledged that it is seeking regulatory clarity. From Malekan’s perspective, regulators cannot evaluate a tokenized market without understanding the underlying technology, economic incentives, and jurisdictional scope. The lack of specificity, he suggests, raises doubts about how far along the project actually is. A Structural Clash With Crypto’s Core Ideas At the center of the critique is a deeper structural argument. The NYSE, operated by Intercontinental Exchange, is a centuries-old institution whose business model depends on centralized control, delayed settlement, and regulatory protections. Tokenization, by contrast, is designed around near-instant settlement,…

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Filed under: News - @ January 22, 2026 6:25 pm