Opinion: The NYSE's securities tokenization plan is more like a "concept package," lacking key supporting details.

Fortune magazine analyst Omid Malekan argues that the New York Stock Exchange's (NYSE) large-scale tokenization plan is nothing more than an empty promise disguised as innovation. The NYSE's emphasis on 24/7 trading and instant settlement is not unique to blockchain; existing centralized systems can technically achieve the same. The real resistance comes from the existing intermediary system and the vested interests of business partners. Furthermore, the plan lacks disclosure regarding which blockchains and stablecoins, programming languages, virtual machines, and token standards it will support. Given that the NYSE's ambitious plan is "pending regulatory approval," this lack of detail is perplexing. The core advantage of public blockchains is not database efficiency, but rather permissionless global access and a financial architecture similar to bearer assets, which fundamentally conflicts with the NYSE's explicitly stated "qualified broker-only" market structure.