Wall Street continues to miss the mark. Bitcoin is money without a centralized issuer or trusted third party. This is the only innovation of blockchain. “Crypto” and “tokenization” are at best inefficient ways to pretend to introduce “decentralization” to a system that, at the end of the day, is fundamentally required to be centralized. It doesn’t matter how much crypto marketing spin is applied, at the end of the day, the enforcement of your claim on a security is centralized to the legal framework and judiciary, police, and military, in the jurisdiction where the security was issued. There is no magical internet protocol that changes that fact. If you want an asset that removes counterparty risk, the answer is bitcoin, not “tokenizing” securities.