Calling Crypto “Web 3.0”, the third layer of the Internet which allows the property of assets without authorization on the web, “undermines” the true meaning of crypto, which is a complete overhaul of the capitalist system, according to Mert Mumtaz, CEO of the distant procedure Call (RPC) Node Provider Provider.
Mumtaz said that the crypto understood all the ingredients necessary for capitalism to work properly, including the free movement of information decentralized, immutable property rights, incentive alignment, transparency and “friction” capital flows. Mumtaz added:
“The end of the crypto will be that it fundamentally evolves the most impactful human invention of all time: capitalism. We said that Crypto was the web 3.0, but that mine – it is in fact capitalism 2.0.”
In September, the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two US financial regulation agencies, published a joint declaration teasing the possibility of capital markets 24/7 in the country.
If agencies succeed in establishing capital markets still on, this decision will mark a significant and seismic difference in the inherited financial system, which is slow to move and closes the nights, weekends and most of the holidays.
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American regulators indicate that the 24/7 financial markets arrive
The SEC and the CFTC have described several points which could modernize the existing financial system, including the markets still on, regulatory frameworks for perpetual term contracts – term contracts without expiration date – and regulations for the market prediction markets.
“Certain markets, including currencies, gold and cryptographic assets, are already negotiated permanently. The expansion of hours of negotiation could better align the American markets on the evolution of the reality of a global and always active economy,” said the joint declaration of the SEC and the CFTC.
These proposals would intersect more the traditional financial system with digital assets and migrate the financial system inherited to internet capital markets via digital rails, including the tokenization of real financial assets on blockchain.
Tokenized assets may include actions, fiduciary currencies in the form of stabbed, private credit, bonds, art, collection objects and even fixed assets.
In July, the Solana Foundation, the organization which oversees the development of the Solana blockchain network, revealed a roadmap to develop internet capital markets until 2027.
The roadmap occurred in the middle of several blockchain companies and traditional financial companies announcing tokenized products, including the Robinhood mixed brokerage platform, which introduced the trading of tokenized scholarships in July for European users.
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