ATS Secondary Markets: The Liquidity Gap in US Digital Securities
The 12+ ATSs with digital securities licenses, $10-50M/day combined volume vs NYSE $20B+/day, the bid-ask spread problem, the accredited-only wall, why T+0 settlement alone cannot fix liquidity, and the 2027-2030 outlook.
Digital Bond Issuance: From EIB to Main Street
Goldman's GS DAP EIB €100M bond, World Bank digital bond, HKMA green bond, why US corporate bond tokenization lags Europe, the DvP settlement advantage, T+0 vs T+2 repo clearing, and Broadridge DLR's $384B in transactions.
Equity Crowdfunding Meets Tokenization: Reg CF and Retail Access
Reg CF's $5M cap, Republic.com token offerings, WeFunder, StartEngine, the 12-month lockup on Reg CF tokens, why tokenization doesn't automatically create liquidity, $500M+ raised via Reg CF since 2016, and the retail investor access argument.
Private Placements on Chain: How Reg D Is Reshaping Capital Markets
Why Reg D 506(c) dominates security token offerings, Form D mechanics, the 12-month lockup problem, accredited investor verification platforms, Hamilton Lane's $10K minimum, and the $3 trillion private placement market.
Security Token Offerings in 2026: Market Structure and Outlook
STO market size since 2018, Reg D's 80%+ dominance, the failed Reg A+ experiments, why STOs stalled post-2019, what is reviving them through institutional demand and clearer SEC guidance, and the 2026 pipeline.
Stablecoins as Settlement Rails for Securities Transactions
Why the cash leg matters for DvP, USDC's $45B+ institutional role, JPMorgan Kinexys processing $10B/day, BUIDL's daily USDC distributions, the GENIUS Act's impact on stablecoin settlement rails, and Fed concerns about private money.
Tokenized Equity Securities: The US Regulatory Pathway
SEC registration vs exemptions for equity tokens, Reg D 506(c) dominance, tZERO preferred equity tokens, the untested S-1 pathway, and what full SEC registration would unlock for KKR, Apollo, and the tokenized equity market.
Tokenized Fund Shares Under the Investment Company Act
Franklin Templeton FOBXX as the 1940 Act precedent, blockchain-as-transfer-agent SEC approval, the BUIDL Reg D vs FOBXX 40 Act structural split, what a tokenized S&P 500 ETF would require, and WisdomTree Prime.