This article makes two different interesting claims:

1. That BTC is a good currency for settling security trades. It seems inevitable that security trades will get settled in token form with atomic swaps — even Jamie Diamond is headed that way. The question is what goes on the cash side of the security for cash swap. Do you think it will be BTC, or some of the expanding set of USD redeemable coins? As long as investors report their returns in dollars, won’t they be motivated to skip BTC volatility and use a USD coin?
2. That the bitcoin blockchain is a good carrier for security tokens. It’s been successful for Tether and Lykke. And, it may become more attractive with Lightning. But, there are a lot of other blockchains that have more programmability and speed and features for securities. I find that compelling. These chains can take advantage of bitcoin’s strength — the size and immutability of its proof of work network — by dropping hashes into bitcoin blocks, a side-chain style maneuver that can upgrade exterior chains to the level of security of BTC. Do you think that securities will be actually be represented on the bitcoin chain, or that they will be on new generation chains that just refer to bitcoin?