Omid Malekan expresses skepticism about traditional finance (TradFi) firms that are embracing tokenization and blockchain technology. While companies like the DTCC, Visa, SWIFT, Stripe, and PayPal are making announcements about new capabilities like real-time payments and on-chain transactions, Malekan argues they downplay the risks these innovations pose to their existing businesses. He points out that these firms are not addressing the potential threats to their legacy systems. For example, the DTCC's move to tokenize securities could ultimately render its centralized clearing services obsolete. Similarly, stablecoins could disrupt SWIFT’s role in cross-border payments and challenge Visa's card-based payment system. Malekan highlights a disconnect between the enthusiasm of some employees within these firms and the cautious approach of senior executives who may resist significant changes. He believes that incumbents will struggle with the "Innovator’s Dilemma," as their entrenched business models might prevent them from adapting effectively to a more decentralized future. He notes that while there is excitement about TradFi’s involvement in crypto, it is essential to recognize that their influence could lead to regulatory measures that compromise the core principles of public and permissionless networks. The article stresses that while the entrance of large financial firms into the blockchain space is significant, it comes with the risk of undermining the very features that make cryptocurrencies appealing.