Referring to crypto as “Web 3.0,” the third layer of the internet that facilitates permissionless asset ownership, diminishes its true impact, which, according to Mert Mumtaz, CEO of RPC node provider Helius, is a complete transformation of the capitalist system.
Mumtaz stated that crypto amplifies all vital components for capitalism, such as decentralized information flow, immutable property rights, alignment of incentives, transparency, and “frictionless” capital movements. Mumtaz remarked:
“Crypto’s ultimate goal is to fundamentally transform capitalism, the most impactful human invention ever. Calling crypto Web 3.0 undermines its significance — it represents capitalism 2.0.”
In September, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) released a joint statement indicating the potential for 24/7 capital markets in the U.S.
Should these agencies succeed, it would signify a major shift from the traditional financial system, which operates slowly and is closed nights, weekends, and most holidays.
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U.S. regulators signal that 24/7 financial markets are coming
The SEC and CFTC highlighted various initiatives aimed at modernizing the financial landscape, such as continuous markets, regulatory guidelines for perpetual futures contracts—contracts without expiration dates—and rules for event prediction markets.
“Certain markets, including foreign exchange, gold, and crypto assets, already trade around the clock. Further extending trading hours could effectively align U.S. markets with the global, continuous economy,” the SEC and CFTC’s statement noted.
These proposals would further connect traditional finance with digital assets and transition the old financial system to internet capital markets via digital infrastructures, including the tokenization of real-world assets on the blockchain.
Tokenized assets may encompass stocks, fiat currencies as stablecoins, private credit, bonds, art, collectibles, and even real estate.
In July, the Solana Foundation, overseeing the development of the Solana blockchain, unveiled a roadmap for developing internet capital markets by 2027.
This roadmap emerged as multiple blockchain and traditional finance companies announced tokenized offerings, including Robinhood, which launched tokenized stock trading in July for European users.
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