From wutong tree to blockchain: evolution of capital market
The wind of innovation is finally sweeping through our capital markets, sometimes even like a hurricane. In 1792, it blew the branches and leaves of a wutong tree. In the shade of the tree, more than 20 stockbrokers gathered and signed agreements, creating the predecessor of the New York Stock Exchange. The agreement, handwritten on parchment paper and less than a hundred words long, opened an elegant system that has dominated the order of capital flow for generations.
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For centuries, our market has never stagnated. They expand, evolve, and reshape with contemporary ideas and technologies. The reason why the market is full of vitality is precisely because of the participation of people. The market guides human creativity towards the most challenging problems in society and rewards those who develop the most valuable and popular solutions through incentive mechanisms. This is precisely the operating mechanism of Adam Smith’s “invisible hand”: even if people pursue their own interests, the market can guide them towards serving the public interest.
The SEC’s responsibility is to protect a market where human creativity and skills can benefit society. In its historical process, the SEC has both promoted innovation and unfortunately stifled it. Fortunately, the force of progress will eventually triumph. When our regulatory posture can embrace innovation with caution rather than fear, the leadership position of the United States is always elevated.