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In this episode of FYI – For Your Innovation, ARK’s Cathie Wood speaks with Don Wilson, a pioneer in crypto market infrastructure and the founder of DRW and Cumberland. They discuss the accelerating shift of traditional finance onto blockchains, focusing on the emergence of the Canton Network, a public permissionless blockchain designed for institutions—with privacy and permissioning at its core. Don unpacks why Depository Trust and Clearing Corporation’s (DTCC’s) decision to tokenize US Treasuries on Canton marks a turning point in institutional adoption, how Canton balances decentralization with control, and what makes it uniquely suited for real-world asset (RWA) tokenization. The conversation covers stablecoins, the evolving role of private credit and equity, and how tokenization might reshape collateral, leverage, and capital efficiency. Don also offers sharp takes on Maximal Extractable Value (MEV) versus payment for order flow, prediction markets, and whether we’re still in a “four-year crypto cycle.” A must-listen for those tracking the future of digital asset infrastructure.
Key Points From This Episode:
00:00:00 Intro + Why tokenization matters: reducing costs, unlocking capital efficiency, and ARK’s thesis on blockchain infrastructure
00:06:27 Don Wilson’s background, early crypto involvement, and the founding of Cumberland and Canton
00:09:57 Why privacy and permissioning are efvs.ssential for institutional blockchains
00:13:44 DTCC's adoption of the Canton Netwo
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