Scott Melker · Oct 22, 2026 · 48 min
Bitcoin Was Recovering. Then Wall Street's AI Problem Hit. | Carlos Domingo
Securitize CEO Carlos Domingo explains the state of tokenized stocks after the SEC's innovation exemption, arguing that compliant on-chain equities (via OKX/ICE and others) will spread to many venues and chains, and that regulatory durability depends on gaining traction over the next two years. He is bullish on stablecoin yield products, AI-agent and crypto convergence, and Bitcoin. Host Scott Melker closes by noting Bitcoin holding near $81k despite bearish global macro headlines and AI doubts.
Where they stand
Tokenization of equities, stablecoin yield and open public chains is expected to keep growing quickly, and Bitcoin is a better reserve asset than gold.
High conviction · years
Domingo is a techno-optimist who expects AI to create value and productivity and to converge with programmable finance via AI agents.
Medium conviction · years
Melker describes a stressed global backdrop of falling Asian stocks, rising French yields, high oil and AI doubts, while Bitcoin holds up.
Low conviction · days
Key takeaways
- The SEC innovation exemption makes only two tokenized stock models lawful in the US: actual on-chain shares and custodial full security entitlements. Synthetic derivatives remain offshore. 2:47
- Some issuers such as Microsoft and Alphabet opted out of OKX/ICE tokenized stocks, which Domingo attributes to poor education and messaging rather than real downside. 6:04
- Domingo expects OKX/ICE tokenized stock trading to go live in November, and about a dozen venues by early next year, with routing engines hiding venue and chain from users. 10:26
- Domingo says the industry has 'gone parabolic' since early 2024 and has about two years to build enough traction that tokenization becomes unstoppable regardless of future regulators. 25:10
- JPMorgan bringing JPM Coin to Ethereum is read as a sign that big institutions are moving from closed chains to open permissionless networks. 21:53
- Domingo is bullish on yield-bearing tokenized assets for idle stablecoin cash and sees AI agents and crypto converging in the coming months. 35:01
- Melker says Bitcoin around $81.5k holding up amid falling Asian and European markets, higher oil and AI doubts is a good signal. 41:29
Calls and positions
- OKX's tokenized stock venue should go live in November.
“I think you'll see this live in November.”
- There will be about a dozen tokenized stock trading venues by early next year.
“by early next year you're going to have, you know, a dozen of these DSPs.”
- Getting one to two trillion dollars on chain over two years would make tokenization impossible to stop.
“if you make it to one or one or two trillion in the next two years that becomes meaningful enough”
- AI and crypto will massively converge in the coming months because AI agents need programmable dollars and assets.
“we're going to see massive convergence of these two industries in the coming months”
- Melker would take the bet that Bitcoin hits $50k before $100k, reflecting a cautious view on the bear market.
“I would take the that that bet as well if I was a betting man.”
Views expressed
- Only the actual-share and custodial security-entitlement models are lawful in the US under the innovation exemption, while synthetic derivatives are not.
“the only things that are, you know, lawful in the US are the first and the second model”
- Issuer opt-outs from OKX/ICE tokenized stocks reflect a lack of education, and companies will not say no after proper conversations.
“there's no reason why companies when they they've had the proper conversation will say no.”
- The world will stay multi-chain for the foreseeable future, with Ethereum and Solana serving different use cases.
“I think we are in in a in a multi-chain world. This is not likely to change anytime soon.”
- Open permissionless networks have historically won over closed ones, so banks like JPMorgan will move onto public chains.
“you're going to see more of these, you know, proliferating into into open networks”
- Stablecoins will reach a trillion dollars and yield-bearing tokenized assets for idle cash are a large unexplored opportunity.
“If we all believe that this will get to a trillion dollars”
- Bitcoin is a safer reserve asset than gold because it is capped and digital.
“Makes no sense to me that people will hold gold instead of Bitcoin”
- AI will displace some workers but create other jobs and raise productivity, so governments should let innovation proceed.
“I'm a I'm a techno-optimist. I think every innovation brings value to to the society”
- A Democratic sweep of the midterms is a risk for crypto regulation, with possibly worse legislation than the Clarity Act.
- Bitcoin holding in the low 80s while the world explodes is a good signal.
“Bitcoin in the low 80s while the world explodes is probably a pretty good signal in my opinion.”
Companies, projects and topics mentioned
- Securitize
- OKX
- Intercontinental Exchange
- Ethereum
- Solana
- JPMorgan Chase
- Stablecoins
- AI agents
- Bitcoin
- Gold
- Crypto regulation
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Summary generated by AI from the video's captionsand checked against it; quotes are verbatim. Processed Oct 28, 2026.
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