Tokenized securities need competition, not gatekeepers
Former U.S. Representative Patrick McHenry argues that tokenized securities should be allowed to compete through various models rather than being restricted by a single gatekeeper. He emphasizes that innovation in capital markets requires flexible regulatory guardrails.
Why it matters
The debate over tokenization is central to the future of U.S. financial market infrastructure and global competitiveness.
Paper certificates gave way to book-entry records. Trading floors gave way to electronic markets. Manual processes gave way to faster settlement, automated clearing, and global access. Each step raised fair concerns. Each step required guardrails. But America stayed ahead because we did not treat every new tool as a threat to the old system.
The author advocates for market-led competition and deregulation, which aligns with free-market economic perspectives.
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