The New York Stock Exchange’s announcement that it plans to introduce blockchain-based trading and settlement has sparked both excitement and skepticism across the crypto and finance worlds. While some see the move as a major step toward mainstream adoption of real-world asset (RWA) tokenization, others argue the plan lacks substance and clarity.
A Columbia Business School professor has been particularly vocal, questioning whether the NYSE’s proposal is more hype than reality.
Columbia Professor Calls NYSE Tokenization Plan ‘Vaporware’
Omid Malekan, a professor at Columbia Business School, described the NYSE’s tokenization announcement as reading like “vaporware,” a term used for products that are announced with fanfare but lack concrete technical or operational details.
In a post on X, Malekan pointed out that the exchange has not disclosed key information, such as which blockchain the system would run on, whether the tokens would be permissioned or permissionless, or how token economics and fees would be structured. Without these fundamentals, he argues, it is difficult to assess whether the project is viable or even aligned with the core principles of crypto.
Malekan also raised deeper concerns about compatibility. He noted that the NYSE operates on a highly centralized, oligopolistic model, which may clash with the decentralized architecture that makes blockchain technology transformative. In an opinion piece published in Fortune, he argued that no amount of cryptography can change that reality unless the NYSE is willing to fundamentally rethink its relationships with long-standing partners.
Comparing the situation to AT&T’s failed attempts to dominate the early internet in the 1990s, Malekan suggested that leadership in one technological era does not guarantee success in the next. In his view, tokenization requires entirely new skills, incentives, and business models—areas where traditional exchanges may struggle.
Crypto Industry Sees NYSE Move as a Bullish Signal
Despite the criticism, many crypto and blockchain leaders see the NYSE’s plans as a major validation of on-chain finance. The exchange and its parent company, Intercontinental Exchange, have said the platform would support 24/7 trading, instant settlement of stocks and ETFs, multi-chain compatibility, and integrated custody services.
Carlos Domingo, founder and CEO of RWA tokenization platform Securitize, welcomed the idea of native, on-chain equities coming directly from the NYSE, without wrappers or derivative structures. He described the move as a bullish sign for the industry and a long-overdue use of blockchain’s strengths.
Alexander Spiegelman, head of research at Aptos Labs, echoed that sentiment, saying it’s time for financial markets to adopt the best available technology rather than relying on legacy systems.
Adding to the optimism, ARK Invest recently projected that the market for tokenized real-world assets could grow from $22.2 billion to $11 trillion by 2030, driven by improved regulatory clarity and institutional-grade infrastructure. If that forecast proves accurate, the NYSE’s initiative—vaporware or not—signals that traditional finance is taking tokenization seriously.
