The Biggest Problem in Tokenization Isn't Technology. It's Trust. | Tom Zschach, Former SWIFT Exec

Tom Zschach is the former Chief Innovation Officer at SWIFT, the financial messaging network that connects more than 11,500 financial institutions across more than 200 countries and underpins trillions of dollars in cross-border financial transactions every day.In this episode, Eleanor, Jacquelyn, and Gerald sit down with Tom to unpack why he believes the long-running narrative that blockchain would "replace SWIFT" always missed the point. After more than three decades in finance at firms including Bank of America, Merrill Lynch, Lehman Brothers, and Barclays, followed by six years leading SWIFT's digital asset strategy, Tom recently left to launch a new venture focused on what he believes is tokenization's biggest remaining challenge: how regulated financial institutions can accept, validate, and scale tokenized assets with trust.TIMESTAMPS: 00:00 What Does Crypto in America Mean to Tom Zschach?03:31 Why Crypto Isn’t Replacing Finance. It’s Becoming Finance. 07:04 What SWIFT Actually Does (And What It Doesn’t Do) 12:48 Why “We’re Replacing Swift” Was Always the Wrong Pitch20:16 Inside the Network That Connects 11,500 Financial Institutions 27:50 Why Tokenization Still Hasn't Scaled31:17 The Missing Piece of Tokenization Nobody Is Solving45:01 Will the Clarity Act Unlock Tokenization?46:35 Trust, Not Technology, Is Holding Tokenization Back48:26 Can Banks Ever Trust AI Agents?57:48 Tokenization's Impact on Consumers01:00:18 What's Really Behind the Banks vs. Crypto Battle?01:02:45 What Tom Is Watching NextSubscribe to the podcast on Spotify: https://open.spotify.com/show/2Y3bQRjEQtdlNx1fxmS8hB Subscribe to the podcast on Apple: https://podcasts.apple.com/us/podcast/crypto-in-america/id1799000155 Please note that this podcast is for informational purposes only and any views shared by anyone on the show are opinions, not financial advice. The host or guests may have a direct or indirect financial interest in content mentioned in this episode.This show is sponsored by Sei. Learn more about Sei: https://www.sei.io/This show is sponsored by Sumsub. Get your copy of its State of the Crypto Industry report: https://sumsub.link/cdt Follow Crypto in America: https://x.com/CryptoAmerica_Follow our hostsJacquelyn: https://x.com/jacqmelinekGerald: https://x.com/thatgeraldEleanor: https://x.com/EleanorTerrett