Wall Street’s Crypto Charade: Bitcoin’s Victory, Tokenized Stocks’ Battle

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Ah, the grand theater of finance! Galaxy’s Alex Thorn lifts the velvet curtain, revealing Wall Street’s lobbyists whispering sweet nothings to the SEC about tokenized stocks. Are banks truly crypto’s allies, or merely actors in a farce?

Behold, the grandees of Wall Street, with smiles as wide as their portfolios, publicly embrace Bitcoin and crypto. Yet, in the shadows of marble halls, their lobbyists wage a silent war against the very essence of decentralization.

Alex Thorn, with a pen sharper than a trader’s wit, exposes their hypocrisy. In a letter to the SEC, Galaxy Digital dismantles the arguments of SIFMA and Citadel, who cling to legacy systems like a miser to his gold.

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Wall Street’s “Neutrality”-A Masquerade Ball

Thorn, with the precision of a poet, dissects their plea for “technology neutrality.” Ah, neutrality! A noble word, twisted like a pretzel to demand that blockchain mimic the very institutions it seeks to surpass. Galaxy’s letter retorts: true neutrality lies in outcomes, not in slavish imitation of the past.

To force on-chain systems to mirror outdated intermediaries is not neutrality-it is a gilded cage, a farce draped in legal jargon.

banks and brokerages, those masters of disguise, publicly court Bitcoin while their lobbyists in DC sow seeds of delay and obstruction. Bitcoin has already claimed its throne; tokenized stocks are the next battlefield.

we’ve just replied to SIFMA/Citadel in a letter to the SEC

– Alex Thorn (@intangiblecoins)

AMMs and LPs: Not Exchanges, Not Dealers, Just Code and Capital

Galaxy’s letter, a dagger of logic, strikes at two sacred cows of regulation. First, the notion that automated market makers (AMMs) are exchanges. Thorn scoffs: an exchange is a cabal of humans, not a line of code. An AMM, once deployed, runs like a clock-no order book, no halt, no master.

Liquidity providers, those unsung heroes, are not dealers but investors. They commit their assets, not their souls, to the pool. They trade for themselves, not for the whims of customers.

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Pseudonymity, Transparency, and MEV: Much Ado About Nothing

Ah, the fallback objections-pseudonymity, transparency, MEV. Galaxy’s letter waves them away like a summer breeze. Pseudonymity? Compliance at regulated access points solves it. Transparency? Public blockchains shine brighter than any legacy system. MEV? A bogeyman, overstated and avoidable.

In this grand drama of finance, Wall Street’s lobbyists play their parts with aplomb. But Galaxy, with Thorn’s pen, writes a new script-one where Bitcoin reigns, and tokenized stocks march forward, undeterred by the old guard’s theatrics.

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2026-04-16 16:37