Gents from Kraken, all in their Sunday best, waltzed into the SEC’s office last week with a proposal so audacious, it could make a riverboat gambler blush. They hoped to convince the regulators that tokenizing everything from Apple shares to ETFs is the next big thing-or at least the next thing that won’t get them thrown in the slammer.
A Proposal for a Tokenized Trading System
On the 25th of August, when the cicadas were singing louder than the average Wall Street buzz, the SEC’s Crypto Task Force hosted a “civilized chat” with Kraken’s reps. The legal eagles from Wilmer Cutler Pickering Hale and Dorr LLP were also present, no doubt sharpening their pens and eyeing the clock like hawks.
According to a document that could have been written by a sleep-deprived scribe, Kraken and the lawyers presented a proposal so intricate, it made the Brooklyn Bridge look like a simple shoelace. The discussion wandered through tokenized trading systems, their architecture (which sounded more like a haunted house plan than a tech blueprint), and the lifecycle of transactions-though no one could agree on whether they’d be born, live, and die on the blockchain or just nap there.
Kraken, that old sea dog of the crypto world, has been busy tokenizing everything from Apples to Teslas and even those fancy ETFs. These digital tokens, they claim, let investors sip from the stock market’s firehose without paying fees that would make a pirate weep. Alas, these treasures are mainly for folks outside the U.S., where the regulatory waters are calmer-or at least less likely to swallow them whole. 🌍💸
While Kraken and its ilk are dancing circles around regulators, others are throwing up their hands in dismay. The World Federation of Exchanges (WFE), that grumpy old coot of the financial world, insists tokenized stocks should be treated like their paper counterparts-or else face the wrath of securities laws. Meanwhile, the SEC has been waving the banner of “same rules, same game,” as if blockchain is just a fancy ledger and not some magical internet wizard.
In July, Commissioner Hester Peirce, that voice of reason (or so she claims), declared that blockchain, while shiny and new, isn’t some magic potion that turns lead into gold-or in this case, securities into something less regulated. This suggests the SEC’s heart lies not with innovation but with the comforting embrace of red tape. 🧵📜
Thus, by waltzing into the SEC’s office with a bow and a smile, Kraken is trying to outdance the WFE’s grumpy chorus and prove that tokenization is the future-or at least the future that won’t get them banned from the ballroom. Whether they’ll succeed or end up on the auction block remains to be seen. 🎭
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2025-08-26 23:18