Samara Cohen: The next six to twelve months will shape global capital markets, why investor-centric design is crucial for tokenization, and the need for a common language in the industry | Empire

Tokenization is set to revolutionize markets, blurring lines between tokens and equity within five years.

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Add us on Google by Editorial Team Apr. 6, 2026

Key takeaways

• The next six to twelve months are pivotal for shaping global capital markets.
• Blockchain and AI are key drivers in current market structure decisions.
• Tokenized assets are currently a small fraction of the overall crypto market.
• Prioritizing investor experience is crucial for successful tokenization.
• Accurate price information is essential to prevent market failures.
• Tokenized stocks represent price, not direct ownership of assets.
• Establishing a common language in the industry is necessary to avoid confusion.
• Tokenization is poised to be a major innovation, akin to ETFs.
• The line between tokens and equity will blur in the next five years.
• The US and Europe are taking distinct approaches to digital currencies.
• Regulatory decisions in the near term will have long-lasting market impacts.
• The disparity between tokenization potential and current market size is significant.
• Investor-centric design is a critical missing piece in tokenized markets.
• Market stability relies heavily on solving the oracle problem.
• The future of financial instruments points towards convergence.

Guest intro

Samara Cohen is Chief Investment Officer of ETF and Index Investments at BlackRock, where she leads teams managing over 6.6 trillion dollars in assets and oversees the world’s most transparent and accessible investment platform serving over 100 million people globally. Throughout her nearly three-decade career in finance, she has held strategic roles at Goldman Sachs and served as a BlackRock “Boomerang,” returning to the firm in 2015 after pursuing other opportunities. Her work at BlackRock positions her at the forefront of modernizing investment markets, including exploring how tokenization and digital assets can expand access to economic growth.

The critical role of technology in market evolution

• The next six to twelve months will significantly shape global capital markets for the next decade.

  — Samara Cohen

• New technologies like blockchain and AI are pivotal in market structure decisions.

• As a function of new technologies like blockchain and also AI there are a lot of really big market structure decisions being made.

  — Samara Cohen

• Technological advancements are influencing regulatory frameworks.
• The integration of digital assets with traditional finance is accelerating.

• I really think that the next six to twelve months in decisions that are being made around market structure and market design are going to inform the shape of global capital markets for the next decade or more.

  — Samara Cohen

• Blockchain’s impact on market design is profound and ongoing.
• AI is reshaping the way financial markets operate and evolve.

Tokenization: Potential and current limitations

• The current state of tokenized assets is much smaller than the overall crypto market.

• On an order of magnitude like crypto is what like 2,530,000,000,000 now tokenized assets are about 26,000,000,000 like they are tiny in the context of crypto.

  — Samara Cohen

• Tokenization has significant growth potential despite its current size.
• Designing with the investor experience at the center is crucial for success.

• I think right now designing with the investor and investor experience at the center particularly as we start to bring things like equities and bonds on chain like that’s the critical piece that isn’t really in place right now.

  — Samara Cohen

• The disparity between tokenization potential and current market size is significant.
• Investor-centric design is a critical missing piece in tokenized markets.
• Tokenization could revolutionize the way assets are traded and managed.

Addressing the oracle problem in market operations

• The oracle problem highlights the need for accurate price information.

• One of the key learnings probably from my perspective the biggest learning from October 10 is what I think of as the oracle problem is the mechanism by which we ensure market participants have the right price information at the right time so they can act.

  — Samara Cohen

• Market stability relies heavily on solving the oracle problem.
• Accurate pricing is essential to prevent market failures.
• The oracle problem can lead to significant consequences if unaddressed.
• Ensuring timely and accurate price information is crucial for market participants.
• The events of October 10 underscore the importance of addressing the oracle problem.
• Effective solutions to the oracle problem are necessary for market integrity.

Understanding tokenized stocks and their implications

• Tokenized stocks are price representations, not direct ownership.

• What I would consider and most of the firms who have them like Ando and Kraken would call tokenized price representations… they’re tokenized securities but they aren’t the but they reference an underlying asset.

  — Samara Cohen

• This clarification addresses a common misconception about tokenized stocks.
• Tokenized assets function differently from traditional securities.
• The relationship between tokenized stocks and underlying assets is complex.
• Understanding tokenized stocks is crucial for informed investment decisions.
• Tokenized stocks offer a new way to engage with financial markets.
• The distinction between tokenized stocks and traditional ownership is important.

The importance of a common language in the industry

• The industry needs a common language to avoid confusion and build trust.

• I think one of the kind of imperatives as an industry right now is we do create a common language so that all of this innovation doesn’t become a tower of babble that creates investor confusion and undermines trust.

  — Samara Cohen

• Clarity in terminology is essential for investor confidence.
• A shared language can facilitate better communication among market participants.
• Avoiding confusion is crucial for the successful adoption of new technologies.
• Building trust is a key component of industry growth and innovation.
• A common language can help bridge the gap between traditional and digital finance.
• The evolving landscape of tokenized securities requires clear communication.

Tokenization as the next significant market innovation

• Tokenization will be the next significant chapter in market innovation.

• I think tokenization is the next chapter in the same story and the ETF experience is extremely instructive with respect to tokenization.

  — Samara Cohen

• The historical impact of ETFs provides insights into tokenization’s potential.
• Tokenization could transform how investments are structured and accessed.
• The future of financial markets may be heavily influenced by tokenization.
• Tokenization offers new opportunities for market access and investment strategies.
• The parallels between ETFs and tokenization suggest a transformative shift.
• Understanding tokenization’s potential impact is crucial for market participants.

The future convergence of tokens and equity

• In five years, the distinction between tokens and equity will blur.

• I mean like my thesis on all this stuff is tokens and equity it’s all just converging into one and in five years we won’t say oh there’s tokens and then there’s equity it’s all it’s all just one thing.

  — Samara Cohen

• The convergence of financial instruments is a significant trend.
• More capital is expected to flow onto public blockchains.
• The future of financial markets points towards a unified approach.
• This convergence could redefine how financial instruments are perceived.
• Understanding this trend is important for future investment strategies.
• The blending of tokens and equity could lead to new market dynamics.

Divergent approaches to digital currencies in the US and Europe

• The US and Europe are pursuing different approaches to stablecoins.

• The US is very focused on more like private stablecoins then there’s these tokenized deposits… these are two very distinct paths and we will see them play out in parallel.

  — Samara Cohen

• Regulatory differences could impact the future of digital assets.
• The US focuses on private stablecoins, while Europe explores tokenized deposits.
• These divergent paths may lead to varied market outcomes.
• Understanding these approaches is crucial for navigating the digital currency landscape.
• The regulatory landscape in each region shapes market dynamics.
• The future of digital currencies may be influenced by these distinct approaches.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.