Carl Vogel on the biggest winners from the SEC's tokenization exemption and why Securitize has the strongest hand: "Vertical integration is the superpower. In AI and in crypto." "Securitize and Superstate already have tens of thousands of KYC'd users. Green light to launch venues." "Decentralized perpetuals can't easily KYC their way up the stack. Regulated players win."

FT @CarlKVogel @6thManVentures