Private credit has grown into a $1.7 trillion asset class by exploiting the inefficiency of traditional fund structures. Tokenization threatens to eliminate those inefficiencies — and the fee structures built on top of them.
The EU has enacted the world's most comprehensive crypto-asset regulation. But comprehensiveness is not the same as effectiveness — and other jurisdictions are taking sharply different bets on what works.
A new generation of compliant DeFi infrastructure is embedding identity verification directly into protocol logic. The result is something that looks increasingly like traditional finance — and something that true DeFi believers find deeply unsettling.
The financial industry has defaulted to securitization frameworks when discussing tokenized assets. That conceptual shortcut is creating regulatory mismatches that will take years to untangle.