On December 11, 2025, the Depository Trust & Clearing Corporation (DTCC) received a "no-action letter" from the SEC, allowing the tokenization of custodial assets on the blockchain. Following the announcement, the industry rejoiced—assets under custody worth $99 trillion are about to be on-chain. However, behind this seemingly simple news, the deep imprint left by the paperwork crisis is beginning to surface. Two forces are engaged in a fierce struggle over the path to tokenizing US stocks, and this contest's implications go far beyond a mere technical debate. The key detail is that DTCC is tokenizing "securities rights" rather than the stocks themselves—this distinction reflects two fundamentally different systemic logics and carries different implications for investors, financial intermediaries, and even the entire market structure. From Paperwork Crisis to the Meaning of Paperwork: The Birth of the Indirect Holding System Before 1973, US stock trading was based on physical certificates. But by the 60

Crypto analyst DonAlt warns that Bitcoin is in a "dead zone" between $85,000 and $92,000. He predicts a potential dip to $60,000 if it doesn't break out, while highlighting challenges for Solana and Litecoin. Stability in the market remains uncertain.