This is clearly a good idea. The whole broker/exchange/regulator triumvirate is a massive overhead for everyone. Uptime: Trading hours are a 19th century anach

This is clearly a good idea. The whole broker/exchange/regulator triumvirate is a massive overhead for everyone. Uptime: Trading hours are a 19th century anachronism. Distributed infrastructure is more reliable. Management incentive: By removing annual and quarterly investor relations milestones businesses are incentivized to move more quickly by creating a more fluid and transparent management and investor relations style. National access: Being 'listed' on a 'market' is a huge hassle and comes with fiscal protection mechanisms such as requisite auditing which essentially (not completely) amounts to a mafia-esque pay to play fee. Why not just go international and skip the hassle? Regulation: Of course, the financial services establishment will cry "Regulators! Consumers need protection! Only we, the few, the humble, the experienced, can save their financial souls!" but alas their track record is pretty shocking and regulators with any guts should encourage innovation with some oversight and involvement. The thing is, since blockchains are international regulators are nominally sidelined in a default approach. There should be a middle ground where they can perform basic services such as corporate registration, legal good standing, fair taxation and IP asset attestation, for example, without becoming intimately involved in day to day business. Transparency: Instead of occasional, high level audits, if transparency is required why not require that in order to be blockchain listed, companies must either use a public blockchain or otherwise effectively real time (eg. daily batched reporting) to transparently manage their financial assets? This would provide superior transparency than the establishment, potentially with crypto levels of trust (thus auditors cannot be bought/make mistakes). Fiscal restructuring: Being able to do stock splits and so forth could work very well on chains. Conventional asset financial connectivity: Sooner or later you have to interact with the off-blockchain world. Gatekeeper financial institutions need to validate inbound capital by showing things like source of funds. This is nontrivial with anonymous blockchain inflows, and requires setting up a significant KYC process as per larger crypto exchanges. Of course there are issues. If there is a gatekeeper to enforce due diligence then is it truly blockchain anymore or are you just doing rebranded ICO 2.0 and issuing your own tokens? I fear the latter. We must find a middle ground. The devil is in the details.