SEC breaking the ice, SpaceX going public.
What a lot of folks see are two news bites.
What I see is a decade-long war for exchanges ahead.
Let’s start with SpaceX.
$SPCX is about to land on Nasdaq with an IPO price of $135, raising $75 billion, and retail subscriptions are blowing past $100 billion.
In pre-market, it peaked at $185 before dropping back, currently oscillating around $170.
A lot of people are asking if this is distribution or just a shakeout?
I lean towards the latter.
The biggest feature of an IPO is that the craziest expectations don’t always lead to a price surge, and the turnover after the hype is actually more crucial.
As long as support holds around $165, this pullback looks more like a chip exchange than a trend reversal.
But what really gets me pumped isn’t SpaceX.
It’s the SEC.
The SEC has officially proposed to repeal Rule 611 of Reg NMS.
This rule is something many haven’t heard of, but it’s long been one of the biggest compliance barriers for on-chain stock trading.
If this goes through, it means the development space for tokenized stocks will be completely unleashed.
To put it plainly, trading US stocks might not necessarily require traditional brokers anymore.
Stocks, bonds, funds, and even more assets could potentially move directly on-chain.
Recently, Fidelity has started laying the groundwork for an on-chain ecosystem with stablecoins, and Citigroup is pushing for tokenized securities. While Wall Street giants are still publicly discussing regulations, they're already laying the groundwork behind the scenes.
A lot of people still treat RWA as just a concept.
But the real money-making in the market has never been when concepts first appear, but when traditional capital starts to get involved.
So what I'm really focused on isn’t how much SPCX has gone up today.
It’s about the next few years, when stocks, bonds, and funds begin to go large-scale on-chain, how much of a moat will existing exchanges still have?
The internet changed the flow of information.
Blockchain is trying to change the flow of assets.
If this narrative holds, tokenized stocks might not just be a new lane.
But rather a complete repricing of the entire financial trading system.
Do you think the pullback to $165 on SPCX is an opportunity or a sign of good news being priced in? Let’s chat in the comments.
#SPCX