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A security is a traditional financial instrument, such as equity, debt, or real assets. Securities are typically exclusive, rather than inclusive, because the process of buying and trading something like equity or debt is slow and expensive. Digital securities promise easier compliance solutions, and even the possibility of fully automating compliance such that intermediaries are no longer needed. The main potential benefits of digital securities relate to inclusion (empowering the little guy) and operational efficiency (faster and cheaper transactions) Digital securities need an established secondary market with buyers and sellers.