Referring to crypto as “Web 3.0,” the third phase of the internet that facilitates permissionless asset ownership, “diminishes” the true importance of crypto, which is a complete transformation of the capitalist system, as stated by Mert Mumtaz, CEO of Helius, a remote procedure call (RPC) node provider.
Mumtaz remarked that crypto enhances all the essential elements for capitalism to operate effectively, including decentralized information flow, immutable property rights, incentive alignment, transparency, and “frictionless” capital flows. Mumtaz elaborated:
“Crypto’s ultimate goal is to fundamentally advance the most significant human achievement: capitalism. While we referred to crypto as Web 3.0, that undermines it — it is, in fact, capitalism 2.0.”
In September, the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two US financial regulatory entities, issued a joint statement hinting at the possibility of 24/7 capital markets in the nation.
If successful, this would represent a significant shift from the traditional financial system, which is often slow and closes on nights, weekends, and most holidays.
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US regulators indicate that 24/7 financial markets are on the horizon
The SEC and CFTC detailed multiple points that could modernize the current financial framework, including always-on markets, regulatory structures for perpetual futures contracts—contracts without a termination date—and rules for event prediction markets.
“Some markets, like foreign exchange, gold, and crypto assets, already function continuously. Expanding trading hours could better synchronize US markets with the changing reality of a global, always-active economy,” the joint SEC and CFTC statement stated.
These initiatives would further connect the traditional financial system with digital assets, transitioning the legacy financial framework to internet-based capital markets through digital infrastructures, including the tokenization of real-world financial assets on the blockchain.
Tokenized assets encompass stocks, fiat currencies in the form of stablecoins, private credit, bonds, art, collectibles, and even real estate.
In July, the Solana Foundation, which manages the Solana blockchain network, unveiled a roadmap to develop internet capital markets through 2027.
This roadmap was announced alongside several blockchain firms and traditional financial entities launching tokenized products, including Robinhood, which introduced tokenized stock trading for European users in July.
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