[panarky]

>>> finally reaches its ultimate form of a centralised list maintained by the DTC

> simply show wallet addresses for all the Bitcoin they hold

DTC's database is not where the Bitcoin is. It's still on Bitcoin's decentralized blockchain, just like always. That's the ultimate authority no matter how many centralized forms you stack on top of it.

At least with this structure, there are separate, distinct entities for custody, market making, transfer agent, etc. to reduce the incentives to self-deal and print fake paper securities and commodities.

So a huge improvement on the current state of affairs, where FTX or Binance handles all of these functions, with no segregation.