Coinbase CEO: Tokenized Assets Will Spawn New Financial Companies

Armstrong's framing shifts the tokenization debate from asset efficiency to industry structure, implying that the real disruption is not just cheaper settlement but the emergence of intermediaries unknown today. For incumbents and startups alike, this signals that competitive moats may erode as blockchain-native models gain ground. The open question is whether regulators and existing financial infrastructure will adapt fast enough to accommodate these new entities, or whether the transition will be slowed by legal and compliance friction. Watch for early examples of such companies and how they navigate licensing.