A lot of these things are seemingly no-ops because the tech has to be proven and withstood tests of legality. However some of these trust-less distributed systems are approaching a point where turning them into real systems in use is a matter of contractual agreement from a customer or peers involved and or the government. The disruption will be quite sudden once this happens.. assuming the tech moves faster than the bureaucracy, as is usually the case.

Calling it a no-op is pretty naive, any significant step towards allowing bearer tokens of more tradition securities has enormous value, and each step towards it has value as well.