1/ Today we’re publishing Crypto and the Evolution of the Capital Markets. Skeptics like to say crypto is a solution in search of a problem, but in reality, it’s an answer to a decades-old one that the traditional securities markets still haven’t fixed: the lack of a more direct, efficient, and trustless system for owning and trading assets. Blockchain and tokenization represent a natural evolution of the capital markets, the same way the move away from paper stock certificates did, half a century ago.