two releases, one plan
The SEC published two press releases. Apart they're two news items. Next to each other they're a plan.
On September 17 the SEC sits down to talk about round-the-clock trading. The agenda:
▪️ overnight market surveillance
▪️ liquidity
▪️ clearing and settlement
▪️ keeping the trading systems maintained
▪️ whether to go to full 24/7
Liquidity is on that list, and anyone who has tried to fill size on a Sunday already knows how that goes. The hours were open. The book was empty. More hours spread the same depth thinner, that is all they do.
But clearing and settlement is the item that decides the rest
Matching orders at night is easy, everyone does it. Moving ownership at night is the hard part, because ownership lives in a register that somebody has to keep. In equities that somebody is the transfer agent.
Which is the second release. First serious rewrite of transfer agent rules in several decades, written around blockchain and tokenization, looking straight at issuing and transferring shares on chain.
Register first, trading hours after. That order is the whole story.
$BTC settles at whatever hour you press send, and always has. We got the boring part right first and spent the whole time being told it was a toy😁
Anyway. Would you actually hold a tokenized share where the register is just the chain, or do you want a name and a phone number behind it?)
#SEC #bullish