The U.S. Securities and Exchange Commission (SEC) has approved Nasdaq's framework for tokenized securities, marking a significant step in integrating blockchain technology into U.S. equity markets. This approval allows for the issuance and trading of tokenized securities, potentially increasing efficiency and transparency in the market. However, critics argue that the framework maintains existing intermediaries, suggesting that it does not significantly alter the current power dynamics on Wall Street. Despite the introduction of blockchain, the traditional financial institutions remain central to the process, raising questions about the extent of innovation this framework truly represents.