Omid Malekan's argument revolves around the challenges that traditional finance (TradFi) faces as it begins to adopt blockchain technology. He warns that the largest financial intermediaries—like exchanges, banks, and clearinghouses—are likely to shape their blockchain strategies in ways that prioritize their existing power and profits, rather than fostering a truly decentralized financial ecosystem. Malekan emphasizes that these firms, having enjoyed decades of minimal competition, will likely resist any changes that threaten their monopoly status. TradFi's control over financial infrastructure has created a system where competition is limited. For instance, the National Securities Clearing Corporation and Fedwire are key players in finance that startups cannot access directly. In contrast, blockchain platforms like Ethereum allow anyone to build financial services without the same barriers, enabling a more competitive and open environment. Malekan highlights the irony that as TradFi firms move on-chain, they might advocate for a centralized version of crypto that keeps them in control, rather than adopting genuinely decentralized frameworks. Malekan’s insights reveal a fundamental tension within these institutions. While some executives recognize the potential benefits of decentralization, the entrenched leadership may prefer a controlled blockchain environment that maintains their dominance. As TradFi firms enter this new terrain, their actions will likely reflect their desire to preserve the status quo, ultimately shaping the future of crypto in ways that might not align with its foundational principles.