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BlackRock's Fink: Update Laws to Unlock Tokenization Potential

3/28/2026

Summary

Story summary

Larry Fink, CEO of BlackRock, argues in his 2026 letter that tokenization could transform the global financial system.
He highlights legal barriers—outdated tax laws and regulatory frameworks—that hinder adoption, noting under 0.1% of global assets are tokenized.
The 1982 tax statute blocks tokenized bonds and the regulatory framework favors intermediaries.
Fink argues that updates to asset classification on distributed ledgers and to tax and regulatory rules could unlock tokenization.

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Story summary

Larry Fink, CEO of BlackRock, argues in his 2026 letter that tokenization could transform the global financial system.
He highlights legal barriers—outdated tax laws and regulatory frameworks—that hinder adoption, noting under 0.1% of global assets are tokenized.
The 1982 tax statute blocks tokenized bonds and the regulatory framework favors intermediaries.
Fink argues that updates to asset classification on distributed ledgers and to tax and regulatory rules could unlock tokenization.