Last week at FIA Boca, I joined a panel with Jeff Sprecher, Arjun Sethi (@arjunsethi), Kris Marszalek (@kris), and Craig Donohue, moderated by Katherine Doherty (@KatherineDoherty). The discussion was mostly about the future of Tokenization and Markets. 24/7 trading is already a reality in crypto. Continuous price discovery, global liquidity, and always-on access have set a new baseline for how markets can operate. Traditional markets have built deep, resilient infrastructure over decades. That foundation matters. But access is still largely constrained by time zones and legacy market hours. Now apply that to US equities. A ~$60T market begins to open up globally, not just through extended hours, but through true continuous access. When investors in Asia, the Middle East, and Europe can participate in real time, under the same conditions as US investors, you don’t just increase access. You deepen the market. More participants. More efficient pricing. Stronger capital formation. This isn’t about disruption for the sake of it. It’s about convergence. The next phase of markets will combine the strengths of traditional finance with the access and efficiency that crypto has proven at scale. And that’s where things get interesting.