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XRP Allen Konevsky： Long-term bullish on tokens as infrastructure components rather than value stores
As one of only two companies licensed as a special purpose broker and dealer by the U.S. Securities and Exchange Commission (SEC), Allen Konevsky, chairman and CEO of tZERO Group, said he has long-term bullish on tokens that serve as infrastructure components rather than value stores. He specifically pointed out that XRP and Ethereum are more suitable for the future development of tokenized capital markets than Bitcoin.
Bitcoin and XRP Question
When directly asked to choose between Bitcoin and XRP, Konevsky said that he often received this question in various forms, and his answers always revolved around the same basic principle.
"I have long been optimistic about native tokens that support infrastructure needs, and that they can be used like oil as part of a building toolset," he said."Historically, Bitcoin has not shown this quality."
His argument is that assets like XRP or Ethereum have a structural advantage for market participants building financial infrastructure because they are a functional part of their driving systems. In contrast, Bitcoin has primarily established itself as a monetary asset and store of value, rather than an operational element of the financial architecture.
Konevsky admitted that this answer would raise questions and he expected to receive a lot of criticism. But he maintains that this distinction is crucial in the specific context of building a tokenized market structure.
Artificial intelligence and blockchain: The power of complementarity
Konevsky describes artificial intelligence and blockchain as complementary rather than competing technologies, and said that the machine-to-machine economy spawned by artificial intelligence will become a driving force for the tokenization of financial assets and records.
The logic is that as artificial intelligence agents conduct autonomous transactions on a large scale, the need for efficient and programmable value transfer between these agents will create structural needs for tokenized assets and their supporting infrastructure.
Real estate: The most undervalued tokenization opportunities
When asked about the most undervalued tokenized asset class, Konevsky did not hesitate to point to real estate. Despite much discussion over the years, real estate tokenization has not yet achieved a meaningful scale. He attributed this shortcoming mainly to the regulatory complexity in the single-asset property securitization process.
He said that tZERO has discussed with the SEC the need to simplify the process of splitting and tokenization individual real estate assets and believes that reducing these barriers will create a good user experience that can drive actual adoption.
Regulatory changes he expects
Konevsky said his priority regulatory changes are to further break down barriers between regulated entities, a principle that has been integrated into the structure of the CLARITY Act.
"There is no reason to prohibit regulated broker-dealers from doing more in the cryptocurrency space," he said.
tZERO has a significant first-mover advantage in this field. As one of two companies qualified as a special purpose broker and dealer, the company is able to custody and accept crypto assets, including stablecoins, as part of the securities settlement process. But Konevsky believes that even this framework is still too strict. He argued that broker-dealers should be allowed to provide crypto assets directly to clients as investment products with appropriate safeguards, rather than being limited to operating within the current fragmented structure.
