In recent discussions surrounding the future of the internet and finance, Mert Mumtaz, CEO of Helius, a remote procedure call (RPC) node provider, has stirred conversation by asserting that labeling cryptocurrency as “Web 3.0” oversimplifies its true role. According to Mumtaz, the transformative essence of crypto goes beyond the concept of a decentralized web and represents a significant shift in the capitalist system itself.
Mumtaz maintains that crypto serves as a catalyst for a more functional capitalist framework. He points out that it enhances crucial elements needed for capitalism to thrive, such as the decentralized flow of information, immutable property rights, incentive alignment, transparency, and the effortless movement of capital. He confidently states:
“Crypto’s endgame will be that it fundamentally evolves the most impactful human invention of all time: capitalism. We said crypto was Web 3.0, but that undermines it — it is actually capitalism 2.0.”
This perspective encourages a reevaluation of how we view cryptocurrencies in the broader context of economic systems. Instead of merely a technological innovation, Mumtaz frames crypto as a foundational transformation of how capitalistic structures operate.
Shifting the focus to more current developments, in September, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) made headlines with a joint statement hinting at the advent of 24/7 capital markets in the nation. This initiative could reshape the traditional financial landscape, moving away from a system confined by operational hours.
If these regulatory agencies successfully implement always-on capital markets, it represents a significant departure from legacy systems, which are often criticized for their sluggish processes and timing constraints. By introducing round-the-clock trading, U.S. financial markets would adapt better to the global and fast-paced economic environment.
US regulators signal that 24/7 financial markets are coming
The SEC and CFTC outlined specific proposals aimed at modernizing the financial ecosystem. These include creating regulatory frameworks tailored for perpetual futures contracts—futures without expiry dates—and establishing regulations for event prediction markets. Notably, some markets, like foreign exchange and cryptocurrencies, already operate continuously, setting the stage for the U.S. to follow suit.
Such developments would further intertwine the conventional financial system with the burgeoning world of digital assets, facilitating a migration from traditional methods to internet-based capital markets. This transition could also entail the tokenization of real-world assets, allowing for a more agile and flexible financial environment where assets are easily traded and owned via blockchain technology.
Tokenized assets encompass a wide range, including stocks, stablecoins representing fiat currencies, private credit, bonds, art, collectibles, and even real estate. This versatility indicates a future where ownership and trading can be executed seamlessly in a digital-first world.
In July, the Solana Foundation showcased a roadmap aimed at developing internet capital markets by 2027. This unveiling coincided with several blockchain firms and traditional financial institutions announcing plans for tokenized products. For instance, Robinhood, a mixed brokerage platform, recently launched tokenized stock trading for European users, indicating a growing trend among financial services to embrace cryptocurrency and blockchain technology.
Mumtaz’s vision of “capitalism 2.0” aligns well with these developments, suggesting that the intersection of cryptocurrency and evolving financial regulations could redefine not only how individuals interact with money but also reshape the very principles of capitalism. The dialogue around these transformations highlights the potential of crypto to not just serve as a digital currency but as an instrumental force that could redefine economic systems as we know them.
