While I'm all for improving the way CSD-based assets can be owned elsewhere, this announcement by DTCC is misleading. Given their choice of permissioned Besu or permissioned Canton, these assets are TINO: They are Tokens in Name Only. Permissioned networks offer none of of the benefits or protections of an actual blockchain. Their use of consensus and cryptography is mostly performative. To see the technical reasons why, you can read my paper linked below. The DTCC is of course free to use whatever database format that it wants. But conflating these assets with actual tokens is both misleading and dangerous. A permissioned network offers none of the robustness or investor protections of an actual blockchain. It is at best an unregulated clearinghouse, and history has taught such infrastructure is dangerous. You can either be regulated by code and cryptography, or you can be regulated by rules and regulations. Best pick one and stick to it.