Ken Griffin

You know, I love the members of the tokenization community.

Oh, it's so expensive to trade today.

I don't even know what my annual DTCC fees are.

They're so low.

Like, it's trading in the United States, in most asset classes, has approached costless.

So you can't tell me that tokenization is about reducing the cost of trading.

What it's really about is a mechanism by which I think a lot of investors are going to be lured into, frankly, pretty poor investments.

And I worry about that.

It's like an end-of-cycle phenomena.

Let's go ahead now and

And in some sense, let the boiler rooms reemerge.

And you know what's really amazing about the United States?

The boiler rooms pretty much disappeared over the last 15 years.

I mean, we as a country have done a profoundly extraordinary job of great transparency in our companies.

There's been very little corporate fraud in the United States.

And people generally have made money investing in businesses that have turned around and created tremendous amounts of value for the economy.

I mean, the amount of Apple owned by retail investors is stunning.

And the amount of both, not just corporate profit, but consumer value created by Apple or Amazon or Microsoft is stunning.

Like that is when a capitalist system is working for its citizens.

And tokenization is not part of that story.