U.S. Wall Street Union Bank Ltd

Web3 is continuously and violently impacting the U.S. financial system.
Yesterday (February 16), a regulatory document submitted by the NYSE to the US patent and trademark office this month was made public. It hopes to establish a "cryptocurrency and NFT exchange" and compete with Web3 companies such as opensea. Opensea, an NFT trading platform, was valued at $1.5 billion in July and is now valued at more than $13 billion. Obviously, as a profit-making institution, the New York Stock Exchange also hopes to join this track to "take a share".
This is not the first time the NYSE has courted Web3. In April last year, in order to commemorate the first transactions of six well-known listed companies such as roblox and spotify, the New York Stock Exchange launched the first set of NFT.
The NYSE is not the only financial institution to join the board. On almost the same day (February 15), JPMorgan also announced its entry into the meta universe. JPMorgan set up a lounge on the "virtual land platform" decentraland with a picture of Jamie Dimon, the company's CEO.
In addition, PWC (Hong Kong), one of the four major accounting firms, also purchased the virtual plot on the sandbox as early as December last year. PwC revealed its intention to establish a Web3 consulting center to promote a new generation of professional services, including accounting and taxation.
NYSE, JPMorgan Chase, KPMG Leading institutions in various segments of the financial industry march into Web3. Are they hyping? Or do you really have a detailed plan?
Wall Street elite, flow to cryptofinance
An interesting phenomenon is that more and more senior executives of U.S. financial regulators have gone to Web3 and are ready to fight in the encryption world.
On Tuesday (February 15), Scott bauguss, deputy chief economist of the securities and Exchange Commission (SEC), announced that he joined coinbase as the vice president of global regulatory policy. Before joining, he worked in the SEC for more than 10 years and was a veteran of Wall Street finance.
Coincidentally, this week (February 14), Justin slather, a former official of the US SEC, served as the policy director of paradigm to help the paradigm team and portfolio projects solve problems related to encryption policy and regulation. Paradigm is an encryption venture capital organization. Its founder Matt Huang invested in byte beating at the age of 24, bringing him 2000 times the return on investment.
Justin slaughter said: "cryptocurrency can become a force for economic growth and increased competition. Too many people are excluded from the financial system dominated by a few companies and cannot obtain the technological innovation at the core of modern economic life, including more affordable ways of saving and transferring funds."
In China, with the popularity of Alipay and WeChat, we need to transfer funds and transfer funds instantly. However, in the field of cross-border payment, there are still pain points of high handling fees, long transfer time and large policy influencing factors. The emergence of cryptocurrency has made some Wall Street elites find the "blind spot" outside the traditional financial coverage area.
Of course, this is only one of the reasons and functions of encrypted finance. In fact, it is more likely that encrypted finance will bring them higher salaries than traditional financial institutions and a future of "10000 times leverage".
Several staff members of Web3 institutions told Hu olfactory that their salary sources are often composed of fixed salary + cryptocurrency. Some enterprises themselves release their own currency and even give priority to information airdrop to insiders, which makes their salary upper and lower limits very flexible and attracts many people who prefer high-risk funds.
This "innovation" of salary payment has gradually spread to the government, sports and other industries in the United States.
New York Mayor Eric Adams is one of them. He announced last month that his first salary will be converted into bitcoin and ether. Adams said that New York is the center of the world and hopes to become the innovation center of cryptocurrency and other finance. Of course, high ideals always cost money, and Adams may not escape this fate. January 2022, known as the third worst month in bitcoin history, fell by nearly 20%. If it is paid according to the bitcoin price at the end of January, the mayor's salary will be greatly reduced, but if it is paid according to the price at the beginning of January, the mayor will be happy.
Of course, Marx has a famous saying: if capital has 50% profit, it will take risks. If it has 100% profit, it will dare to trample on all human laws. Some people always pursue 100% or even 300% profits. However, 3000% profits in the encrypted world will naturally cause the madness of Wall Street elites. Even if they do, few people have played such a "leverage" game.
With the strong support of the mayor of New York and sufficient profit support, Wall Street elites poured into Web3. Even senior officials such as Jay Clayton, former sec chairman, joined one river asset management, and the hedge fund publicly owned cryptocurrency of $1 billion.
The "Internet" of financial institutions and the "financialization" of the Internet
The United States is forming two major financial ecosystems.
One is the "financial trading market ecosystem" with traditional exchanges such as the New York Stock Exchange and Nasdaq as the core, which mainly provides stock trading services to companies around the world; The other is the "encrypted financial ecosystem" dominated by encrypted transactions and NFT transactions.
Some people stick to the position of traditional finance and believe that cryptocurrency and its related market are "Pandora's box" and will bring disaster to the United States. Buffett and his old partner Charlie mango are among the strongest opponents.
Charlie mango thinks bitcoin is disgusting. He thinks: "China's decision to ban cryptocurrency is right. I hope this thing has never been invented and will never buy cryptocurrency". And Buffett insisted that encrypted money is a bubble.
Musk responded to Charlie Munger with a tweet. "I had lunch with Munger in 2009, and he told the whole table how Tesla would fail, which made me very sad, but I told him that I agree with all these reasons. We may die, but it's worth trying anyway," he said
According to current data, 24% of American adults hold the same view as musk. They have encrypted assets. They believe that the idea of decentralization is actually more important than technology.
The traditional financial ecology makes the company and the world economy more dynamic through the transformation of stocks. The purpose of encrypted assets is to change the centralized financial ecology and hope to affect the trading mode of online and offline natural persons in a more fair way.
Maybe one day, when we open the window of the Hilton Hotel in downtown New York in 2050, passers-by on Wall Street are still in a hurry, but the full name of the NYSE may no longer be the "New York Stock Exchange", but the "New York Stock and cryptoasset exchange".