The Next Generation of Crypto Winners Could Be Very Different

On October 8, Securitize announced blockchain-based trading in 12 U.S. stocks, including Apple and Nvidia, backed by underlying shares and initially trading on Solana. JPMorgan reported in September that its Kinexys blockchain business processes $7 billion in transactions daily. Pantera Capital president Scott Lawin said adoption by institutions will be gradual and argued they need a framework for judging tokens as businesses; the S&P Pantera Digital Asset Index, announced in July, requires eligible blockchain projects to have positive total revenue over the previous two completed quarters but makes no assumptions about investor returns or cash flows. On October 5, the CFTC proposed a federal framework for exchanges offering leveraged digital-asset trading after the Senate failed to advance the CLARITY Act.