What NYSE's Shift to 24/7 Trading Means for Crypto - DEX in the City

Watch on YouTube ↗  |  January 22, 2026 at 03:16  |  52:41  |  Unchained (Chopping Block)
Speakers
Alexander Zozos — General Counsel of Superstate; former SEC staffer
TuongVy Le — General Counsel, Veda Tech Labs / ex-SEC / Co-Host, DEX in the City

Summary

The episode examines NYSE's announced platform for tokenized US equities and ETFs, DTC's SEC no-action letter for a tokenization sandbox, and the broader implications for market infrastructure. Guest Alex Zozos explains why moving securities onchain can improve settlement efficiency, enable programmability and self-custody, and de-risk markets, while cautioning that not all tokenized-equity models are equal. The hosts and guest also discuss Superstate's tokenized Galaxy stock, incumbent resistance from players like Citadel, and regulatory developments under Project Crypto. The episode closes with a Robinhood-Daffy crypto charitable-giving use case.

  • NYSE announced a platform for tokenized US equities and ETFs.
  • DTC received an SEC no-action letter to experiment with tokenized shares.
  • Alex Zozos argues tokenization improves settlement and enables programmability.
  • Different tokenized-equity models carry different legal and counterparty risks.
  • Superstate and Galaxy are bringing a tokenized Galaxy NMS stock to market.
  • DTC faces existential questions from tokenization but may coexist with onchain markets.
  • Citadel is described as opposing tokenization now but likely to adopt later.
  • The episode also covers Project Crypto, Reg NMS, and a Robinhood-Daffy charity integration.
Ideas
Alexander Zozos General Counsel of Superstate; former SEC staffer 16:36
Tokenization improves securities market efficiency and resiliency.
Tokenizing securities onchain uses modern blockchain infrastructure to replace antiquated settlement, improving speed and cost efficiency, and gives securities programmability for DeFi lending, differentiated exchanges, and self-custody. It also offers issuers more direct investor relationships and transparent governance, while increasing investor choice and creating redundancy and optionality that can de-risk market infrastructure. The speaker frames this as a policy-supported modernization path for securities markets.
Tokenized securities HIGH
Alexander Zozos General Counsel of Superstate; former SEC staffer 22:54
Galaxy tokenized stock model gains regulatory traction.
Superstate is partnering with Galaxy to bring a tokenized version of Galaxy's NMS stock to market. The model uses an allow list and blockchain-based records so peer-to-peer transfers and smart-contract capabilities automatically update the official shareholder register, preserving a regulatory perimeter and issuer knowledge of holders. The speaker says SEC engagement produced no further comments, indicating this direct tokenized public-equity model is viable and differentiated from riskier receipt-token structures.
GLXY HIGH
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This Unchained (Chopping Block) video, published January 22, 2026, features Alexander Zozos discussing Tokenized securities, GLXY. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Alexander Zozos  · Tickers: Tokenized securities, GLXY