Wall Street’s approach seems to focus almost exclusively on the efficiencies of tokenized securities while overlooking the opportunity to streamline markets, return more control to investors, or encourage participation in capital markets from a broader range of investors and issuers. I think it’s mostly about firing the back office and improving margins. Regardless of Trump’s Bitcoin strategy, it’s difficult to imagine tokenization in major markets, weighed down by layers of incumbents and vested interests, following the El Salvador model. They seem to want innovation without change.