[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-wall-streets-tokenization-boom-needs-crypto-rules-en":3,"tags-wall-streets-tokenization-boom-needs-crypto-rules-en":36,"related-lang-wall-streets-tokenization-boom-needs-crypto-rules-en":45,"related-posts-wall-streets-tokenization-boom-needs-crypto-rules-en":49,"series-industry-5fdd08ad-7a2f-4e61-b4b5-ae5c8fd01ab4":86},{"id":4,"title":5,"content":6,"summary":7,"source":8,"source_url":9,"author":10,"image_url":11,"keywords":12,"language":19,"translated_content":10,"views":20,"is_premium":21,"created_at":22,"updated_at":22,"cover_image":11,"published_at":23,"rewrite_status":24,"rewrite_error":10,"rewritten_from_id":25,"slug":26,"category":27,"related_article_id":28,"status":29,"google_indexed_at":30,"x_posted_at":31,"tweet_text":10,"title_rewritten_at":10,"title_original":10,"key_takeaways":32,"topic_cluster_id":10,"embedding":10,"is_canonical_seed":21},"5fdd08ad-7a2f-4e61-b4b5-ae5c8fd01ab4","Why Wall Street’s tokenization boom is stuck without crypto rules","\u003Cp data-speakable=\"summary\">Wall Street tokenization will stay mostly theatrical until Congress creates clear crypto rules.\u003C\u002Fp>\u003Cp>Kevin O’Leary is right: Wall Street’s tokenization boom is mostly talk until the U.S. gives institutions a clear legal framework for crypto assets.\u003C\u002Fp>\u003Cp>The reason is simple. Banks, asset managers, and index providers do not scale on vibes; they scale on compliance, custody, disclosure, and enforceable rules. Tokenization promises continuous trading, instant settlement, and lower costs, but those benefits are irrelevant if the people controlling trillions cannot sign off on the legal risk. O’Leary’s point lands because it matches what actually changes behavior in finance: \u003Ca href=\"\u002Ftag\u002Fstablecoins\">stablecoins\u003C\u002Fa> did not move from niche to useful because of a pitch deck, they moved because regulation made them usable inside a compliance stack. That is the real lesson Wall Street keeps missing.\u003C\u002Fp>\u003Ch2>Tokenization needs legal certainty, not another demo\u003C\u002Fh2>\u003Cp>Wall Street loves pilots because pilots are cheap. A tokenized fund, a tokenized bond, or a tokenized private-market product can look impressive in a sandbox, but the sandbox is not the market. Institutional adoption requires a chain of approvals that includes legal, risk, operations, audit, and regulators. If one of those groups cannot explain the asset’s status under securities law, the project stops. That is why the current tokenization wave feels large in press releases and small in balance sheets.\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778404848849-607y.png\" alt=\"Why Wall Street’s tokenization boom is stuck without crypto rules\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>O’Leary’s framing is blunt, but the evidence supports it. He says tokenization will never be adopted by institutional indexers without passage of a bill and a compliant framework inside the \u003Ca href=\"\u002Ftag\u002Fsec\">SEC\u003C\u002Fa>. That sounds harsh until you remember how institutions behave around every other regulated product. They do not buy what is novel; they buy what is standardizable. Tokenization is not standardizable when the legal identity of the \u003Ca href=\"\u002Ftag\u002Ftoken\">token\u003C\u002Fa>, the venue, the settlement process, and the custody model all remain open questions. Until those questions are settled, tokenization remains a technology looking for an institution willing to take the \u003Ca href=\"\u002Fnews\u002Fai-agents-crypto-first-real-users-en\">first real\u003C\u002Fa> risk.\u003C\u002Fp>\u003Ch2>Stablecoins prove regulation can unlock adoption fast\u003C\u002Fh2>\u003Cp>The strongest proof in O’Leary’s favor is stablecoins. Once policymakers moved, adoption accelerated. That is not a theoretical argument; it is a market response. Stablecoins became useful to institutions because they solved a practical problem, cross-border transfer, while giving compliance teams a framework they could understand. The result was faster settlement, lower fees, and clearer transparency. That is exactly what tokenization promises, and exactly why tokenization will stall without the same kind of legal clarity.\u003C\u002Fp>\u003Cp>His comparison is more than rhetorical. He described a world where firms stop wasting three days and transact in minutes at a fraction of the cost, with full compliance and transparency. That is the institutional dream. But the dream only becomes a treasury or payments workflow when the rules are explicit enough for large firms to put it into policy. Tokenization needs the same treatment. If a tokenized bond is just a bond with a blockchain wrapper, then the wrapper matters only if regulators, exchanges, and custodians agree on what that wrapper means. Stablecoins show the path: regulation first, scale second.\u003C\u002Fp>\u003Ch2>Most crypto capital has already concentrated where institutions feel safe\u003C\u002Fh2>\u003Cp>O’Leary’s claim that 97% of market value sits in bitcoin and ether is not just a talking point, it is a signal about institutional preference. Large investors are not hunting through thousands of tokens for the next experiment. They are narrowing exposure to the most recognizable assets and, increasingly, to infrastructure that can be defended in committee. That is why smaller tokens have been “slaughtered” while enterprise blockchain narratives still attract attention. Institutions want fewer moving parts, not more.\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778404853177-dqiy.png\" alt=\"Why Wall Street’s tokenization boom is stuck without crypto rules\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>This is where the tokenization hype breaks down. A Wall Street firm can say it supports digital assets, but that is not the same as committing capital to a live tokenization platform. The first is branding; the second is operating model change. O’Leary’s argument is that the market has already decided where trust lives: in bitcoin, ether, and in the infrastructure layer that can support real business use cases. Tokenization will not win because it is fashionable. It will win only when it becomes boring, compliant, and repeatable.\u003C\u002Fp>\u003Ch2>The counter-argument\u003C\u002Fh2>\u003Cp>The best case against O’Leary is that Wall Street does not need Congress to keep experimenting. Tokenization can advance through private-sector standards, state-level rules, and limited products that prove utility before the federal government catches up. Finance has a long history of innovation outrunning regulation, then forcing regulators to follow. Supporters also argue that tokenization itself creates pressure for clarity: once firms see faster settlement and lower costs in controlled environments, they will demand the legal framework needed to scale it.\u003C\u002Fp>\u003Cp>That argument has real force because it reflects how markets often work. But it misses the adoption bottleneck that matters here. Wall Street does not need one more proof of concept; it needs a product it can distribute at scale without inviting litigation or supervisory blowback. A private pilot can survive ambiguity. A broad institutional rollout cannot. That is why the counter-argument fails in practice. The technology may be ready, but the buyer is not, and the buyer is the only part that counts.\u003C\u002Fp>\u003Ch2>What to do with this\u003C\u002Fh2>\u003Cp>If you are an engineer, build for compliance first and features second: custody, audit trails, transfer restrictions, identity, and reporting should be part of the product, not a later integration. If you are a PM, stop selling tokenization as a generic modernization story and define the exact regulated workflow it improves. If you are a founder, anchor your pitch in a legal use case that a bank, broker, or asset manager can adopt today, then design the platform so it survives the day regulators ask hard questions. The winners will not be the loudest tokenization startups. They will be the ones that make legal certainty feel like product design.\u003C\u002Fp>","Wall Street tokenization will stay mostly theatrical until Congress creates clear crypto rules.","www.coindesk.com","https:\u002F\u002Fwww.coindesk.com\u002Fmarkets\u002F2026\u002F05\u002F06\u002Fkevin-o-leary-says-wall-street-s-tokenization-boom-is-all-talk-without-crypto-rules",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778404848849-607y.png",[13,14,15,16,17,18],"Kevin O’Leary","tokenization","stablecoins","GENIUS Act","Wall Street","crypto regulation","en",2,false,"2026-05-10T09:20:21.860985+00:00","2026-05-10T09:20:21.846+00:00","done","83149368-540d-4616-b67f-17baa6301f26","wall-streets-tokenization-boom-needs-crypto-rules-en","industry","ae0bef7f-c256-4db4-811e-f0eefd0ea74b","published","2026-05-11T09:00:15.69+00:00","2026-05-10T10:00:02.873+00:00",[33,34,35],"Tokenization will not scale in institutional finance without clear U.S. crypto rules.","Stablecoins show that regulation can accelerate adoption instead of slowing it.","The market is already concentrating around compliant infrastructure, not speculative tokens.",[37,38,40,42,44],{"name":14,"slug":14},{"name":13,"slug":39},"kevin-oleary",{"name":17,"slug":41},"wall-street",{"name":16,"slug":43},"genius-act",{"name":15,"slug":15},{"id":28,"slug":46,"title":47,"language":48},"wall-streets-tokenization-boom-needs-crypto-rules-zh","為什麼華爾街的代幣化熱潮卡住了：沒有加密規則就別想規模化","zh",[50,56,62,68,74,80],{"id":51,"slug":52,"title":53,"cover_image":54,"image_url":54,"created_at":55,"category":27},"6ff3920d-c8ea-4cf3-8543-9cf9efc3fe36","circles-agent-stack-targets-machine-speed-payments-en","Circle’s Agent Stack targets machine-speed payments","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778871659638-hur1.png","2026-05-15T19:00:44.756112+00:00",{"id":57,"slug":58,"title":59,"cover_image":60,"image_url":60,"created_at":61,"category":27},"1270e2f4-6f3b-4772-9075-87c54b07a8d1","iren-signs-nvidia-ai-infrastructure-pact-en","IREN signs Nvidia AI infrastructure pact","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778871059665-3vhi.png","2026-05-15T18:50:38.162691+00:00",{"id":63,"slug":64,"title":65,"cover_image":66,"image_url":66,"created_at":67,"category":27},"b308c85e-ee9c-4de6-b702-dfad6d8da36f","circle-agent-stack-ai-payments-en","Circle launches Agent Stack for AI 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