In this episode of block by block with Denelle Dixon, Austin Campbell (Founder of Zero Knowledge Consulting, NYU Stern professor, former Paxos, JP Morgan, Citi) talks through the parts of the financial system most people never see — settlement, velocity, trapped capital, and the tradeoffs between openness, privacy, and control.

Drawing from experience in traditional finance and crypto infrastructure, Austin explains why most tokenization efforts fail, what blockchains actually make possible, and why copying legacy systems onchain won’t lead to greater adoption.