Unchained DEX in the City: When NYSE Goes Onchain, What Happens to Financial Intermediaries?
Jan 22, 2026
Join Alex Zozos, General Counsel at Superstate and former SEC attorney, as he discusses the groundbreaking move of the NYSE into tokenized equities. He unpacks the potential of 24/7 trading and how tokenization could lead to the extinction of traditional financial intermediaries. Zozos shares insights on different tokenization models, the impact on existing regulatory frameworks, and whether legacy systems can adapt. This conversation dives deep into the future of market infrastructure and the evolving landscape of finance.
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Market Plumbing Drives Tokenization Focus
- Trading and markets at the SEC focus on the plumbing of secondary trading under the 34 Act.
- Understanding that plumbing explains why tokenization intersects deeply with regulation.
Tokenization's Multifold Advantages
- Tokenization brings speed, cost savings, programmability, and improved issuer-investor relationships.
- It enables self-custody, on-chain governance, and new on-chain financial utilities.
SuperState–Galaxy Tokenized Shares Story
- SuperState worked with Galaxy to create an allowlist and update issuer records on-chain when tokens move.
- The SEC reviewed Galaxy's engagement and had no further comments, enabling the on-chain shares rollout.
