Viewpoint: NYSE's Securities Tokenization Plan More Like "Conceptual Packaging," Lacking Key Details

Odaily News Omid Malekan, an analyst at Fortune magazine, published an article stating that the New York Stock Exchange's large-scale tokenization plan is nothing more than an empty promise disguised as innovation. The 24/7 trading and instant settlement emphasized by the NYSE are not unique to blockchain; existing centralized systems can technically achieve the same. The real obstacles stem from the existing intermediary system and the interest structures of commercial partners. Furthermore, the plan has not disclosed which blockchains and stablecoins it will support, nor the programming languages, virtual machines, and token standards. Considering that the NYSE's grand plan is "still pending regulatory approval," the absence of such details is puzzling. The core advantage of public chains is not database efficiency, but rather permissionless global access and a financial architecture akin to bearer assets. This fundamentally conflicts with the market structure where the NYSE explicitly retains "participation limited to qualified brokers."