Washington Reclaims Tokenized Stock Trading

Ignore both the “historic revolution” and the “nothing to see here” takes. This is a deliberately limited, legally fragile bridge — built to pull a fast-moving business back onto US soil and shape it before it grew up somewhere else. The part that matters most isn’t people trading Apple at midnight. It’s the quiet groundwork for these tokens to become plumbing in the wider financial system — and the two-regulator standoff that decides how far, and how fast, Washington can take it.

#Tokenization, #MultipolarOrder, #CapitalMarkets, #SECvsCFTC, #DollarSystem, #Repo

Three Bets on Digital Money | China’s State Coin, America’s Private Dollar & the Hedge Between

Ignore the “everyone’s going digital” headline — that’s the surface. Underneath, the world is splitting into three camps that don’t fully fit together: one built on state control, one on private reach, one on staying in the middle. The technology is shared; the belief about who should control money is not. The real question for the decade isn’t whether money goes digital. It’s whose version of digital money the rest of the world ends up plugging into — and what it costs to be on the wrong side of the wall.

#DigitalMoney, #Stablecoins, #CBDC, #MultipolarOrder, #DollarSystem, #eCNY