Anthony Scaramucci, CEO of investment firm SkyBridge Capital, highlighted on Monday inefficiencies in the existing financial system and its “resistance” to blockchain-based technologies such as tokenization.
Scaramucci Says Tokenization Facing Resistance
In an X post, Scaramucci shared a clip from last month’s Solana Breakpoint Conference, where he spotlighted the $4 trillion annual global cost of transaction verification, including credit card and wire fees.
“Big ideas always meet resistance—until they don’t,” he said. “If we can strip that out, we change the operating system of the global economy.”
Tokenization Awaits Regulatory Clarity
Scaramucci has been making the case for the Solana (CRYPTO: SOL) network, arguing that if it were adopted and employed in the process of tokenizing assets, more than 75% of current transaction friction could be eliminated.
He has championed Solana as the gold standard among blockchains for tokenized assets, highlighting the Layer-1 network’s unique technical advantages that make it a top choice for developers.
However, tokenization continues to face regulatory headwinds.
Coinbase Global Inc. (NASDAQ:COIN) withdrew its support for the Senate Banking Committee’s cryptocurrency bill last week over a clause prohibiting on-chain versions of stocks and other real-world assets. The withdrawal led to an indefinite postponement of the bill’s markup.
The SEC has historically taken a strict view on tokenized securities, requiring companies to be cautious with their offerings.
SEC Commissioner Hester Peirce said that “tokenization cannot reach its full potential without legal clarity,” highlighting the need for updated regulations.
Price Action: At the time of writing, SOL was exchanging hands at $133.78, down 0.24% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Al Teich / Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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