Malekan Slams NYSE’s Blockchain Plan as ‘Vaporware’

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Columbia Professor Omid Malekan Slams NYSE’s Blockchain Plan as ‘Vaporware’

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 22, 2026

Key Takeaways

NYSE announced a blockchain plan for continuous stock and ETF trading, but gave no technical or design details;
Professor Omid Malekan called the NYSE plan “vaporware” because it lacks clarity on blockchain type, access model, and fees;
Malekan said the NYSE’s centralized system conflicts with blockchain’s principles and limits its chance of success.

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Columbia Professor Omid Malekan Slams NYSE’s Blockchain Plan as ‘Vaporware’

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The New York Stock Exchange (NYSE) and its parent company, Intercontinental Exchange, recently announced plans to create a blockchain-based system for trading and settling stocks and exchange-traded funds (ETFs).

The system is expected to allow continuous trading, fast settlement, and include features for multi-chain compatibility and asset custody.

However, Columbia Business School professor Omid Malekan isn’t convinced. In a post on X, he said the announcement sounds like "vaporware", and pointed out that the NYSE failed to share key details.

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He questioned what blockchain the exchange would use, whether tokens would operate in a controlled or open system, and how token economics and fees would be structured.

"Vaporware" usually describes a product that’s been publicized but does not exist yet in a working form.

He also argued that the NYSE’s structure is too centralized to match the principles of blockchain technology. In a Fortune opinion piece, Malekan wrote that the exchange’s current setup depends on a small group of powerful institutions and that no amount of coding or cryptography would change that unless NYSE is willing to cut those ties.

According to Malekan, tokenization needs a completely different framework and mindset to succeed. He added that he does not see how the NYSE’s blockchain project can achieve success under its current approach.

Recently, Tidal Trust filed a plan with the SEC for an ETF that trades Bitcoin BTC $66,849.64 only outside regular US market hours. What does the proposal cover? Read the full story.