[IMF Warns Tokenized Finance Could Amplify Market Crises Beyond Regulators' Capacity to Respond] According to a report by Jinse Finance on April 5, the International Monetary Fund (IMF) stated that moving Wall Street's trading infrastructure to blockchain-based systems could accelerate the onset of financial crises, potentially exceeding regulators' ability to respond, despite the technology's potential to reduce costs and eliminate settlement delays. Tobias Adrian of the IMF wrote in a report released on Thursday that tokenization—representing assets such as stocks, bonds, and cash with digital tokens on a shared ledger—constitutes a structural overhaul of the financial system's architecture rather than a marginal efficiency improvement. Banks, clearinghouses, and asset management companies like BlackRock and JPMorgan are already conducting pilot tests of this technology in the field, aiming to enhance the trading convenience of traditional assets like stocks and bonds, thereby increasing related fee revenues. (Dongxin News Agency)