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BREAKING: Crypto market structure bill hearing has officially started.
AI visual note: The image shows a calendar entry for July 17, 2025, labeling the day as "HEARINGS" with a field hearing titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation," directly relating to the breaking news that the crypto market structure bill hearing has officially started.
A HYPE whale just bought $66.46K of $HYPE at $44.12M MC
“…a few others” They can’t say XRP [Spoken audio]: point. In the notes you sent us, you also said that the TCC does not believe one blockchain will dominate finance. And I feel like this is one of the arguments of some skeptics when it comes to tokenization that it'll be so fragmented because there's so many blockchain. So suppose like a token as a security moves across several chains and an error occurs. I'm just curious who determines the official ownership record? Like can you talk to us about that and maybe be give a concrete example. It's DTCC. That's why we're a good, we're the good control location. But if it doesn't go through... The buck stops with you. I see. The record stops with us, correct. So if you, and this is where the argument of go from issuer directly to retail, the argument of one blockchain is gonna rule the world, like maybe someday, okay? But based on what we know today, it's very difficult. And I'll give you a good example. And is it difficult for the better or the worse? Difficult for the better or for the worse. It's a limitation of the technology. So today, blockchains are not as, believe it or not, are not as efficient as our good old cobalt mainframes, right? We process, let me put a number at you, we process four quadrillion dollars of settlement a year. Wow. Okay, that's four plus 16 zeros. There is no blockchain on the planet today that can handle that. because the consensus mechanism of every time something happened, you've got to write to the blockchain a record, it takes a while. So a lot of the work that DTCC is doing behind the scenes is also working with a whole slew of fintech, big tech to figure out how to scale. How do we get to a point where we can process many millions of transactions a second on the blockchain so we can get to a stage where that may be happened? There's another element of privacy, right? Privacy and scale are inversely correlated. So either you get privacy and you're going to have to suffer with the slow blockchain or vice versa. So what did we do? What did DTCC do? Think about it as a multi-layer cake. The first thing we did is we said, we're going to work with the industry and find a couple of blockchains that actually there's liquidity on it, that client have their assets on. We very early around announced Canton last week, we announced Stellar. We're working on a couple of others. But we will have, listen, every single day to somebody goes, yeah, I've got a new blockchain. We can engage with 100 or 10,000 blockchains out there. We will find, we'll curate a good list of blockchains that we will use.
