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代币化是利用链上智能合约或代币来
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表示，例如，基础证券的想法。
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所以代币化的证券仍然是证券，依法需遵守美国证券交易委员会（SEC）的规定。
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法律如此规定。
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但核心思想是，如果它是在区块链上的话，那么
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其所在位置会更具透明度。
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现在有一定的能力可以知道谁拥有什么，而公司
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通常甚至不知道其股东在哪里
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以及股东的居住地。
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所以代币化的优势是，有可能不再是T+1，而是交易
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日加一日的清算与结算。
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甚至有可能现在是T0，具体取决于工具，我们还需考虑
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净额结算以及其他相关因素，
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针对某些工具而言。
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但原则上，链上交付对价和收款
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（DVP，RVP）在链上的实现
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有望降低市场风险，使市场更加透明，
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从而简化清算与结算过程。
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因为清算与结算之间的差距，以及
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交付与付款之间的差距，实际上才是系统风险的来源。
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你觉得金融服务领域未来会走向何方？现今主要的
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银行和券商是否正日益走向代币化？
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绝对是。未来世界将会如此，你知道，
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我说的可能不需要十年，甚至可能更短，可能几年内，
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甚至更快。
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所以我认为市场的所有这些现代化变化都是好的。
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过去几年我们看到的问题是，SEC，和历史上不同，
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它并非一直走在创新的前沿。
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它总是稍微落后于市场，
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当然如此。
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但最近它几乎是在阻碍市场发展，因为
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所有这些新创新正不断涌现。
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但现在不一样了，我们正在积极拥抱这些创新。
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我相信为了让美国在加密货币等领域保持领先，
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我们必须拥抱它们。
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近年来，全球只有两个国家
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在努力使加密货币非法化，
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那就是共产主义中国和通过SEC的美国。现在情况已变。
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这是新时代的开始。
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所以我们要拥抱这项新技术。
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Tokenization is the idea of using the smart contracts or tokens on-chain to be
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able to represent, say, underlying security.
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So then that tokenized security is a security and would be subject to SEC rules
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by law.
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But the idea is that if it's on-chain, on a blockchain, then there's much more
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transparency as to where it is.
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Now there's a bit of a capacity as to who owns what and where the company
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usually doesn't even know where its shareholders are
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and where the shareholders reside.
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So tokenization has the benefit of potentially having instead of T+1 now, trade
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date, plus one for clearance and settlement.
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The prospect of maybe T0 now, depending on the instrument and we have to think
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about netting and all sorts of other things
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with respect to some instruments.
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But in principle, the idea of on-chain delivery versus payment and receipt
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versus payment, DVP, RVP, on-chain
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is a prospect of de-risking the markets, making them much more transparent and
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then sure as far as clearance and settlement.
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Because it's always that the gap between clearance and settlement and then
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delivery and payment is the real introduces risk into the system.
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What do you expect this is where financial services is going? Are the major
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banks and the brokers out there today moving increasingly toward tokenization?
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Oh, absolutely. And it's the way the world will be, you know, here in that, I
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mean, maybe not even ten years, maybe even a lot less time, maybe a couple
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years from now.
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So I think that all of this modernization of the markets, I think, is good.
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And the trouble that we've seen here over the past few years is that, you know,
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the SEC, unlike historically, it never was necessarily at the vanguard of
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pushing new innovations.
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It was always, you know, a little bit behind the market, of course.
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But here recently it's been almost standing a thwart the marketplace and as it
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's, you know, as all these new innovations were coming about.
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So that's no more. We're actually embracing it. And I believe that we need to
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be embracing it to keep the United States at the forefront as far as
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cryptocurrencies and whatnot.
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There were only only two countries in the world here in the last few years that
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were working to make cryptocurrencies illegal.
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And that was Communist China and the U.S. through the SEC. So that's changed.
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It's a new day now.
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And so we want to embrace this new technology.
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