An Ethereum advocate calls Wall Street's private chains a race to the bottom Trevor Raman argues permissioned networks have a role but need an open base layer underneath to deliver anything blockchain offers. The comment lands as @JPMorgan, DTCC and Visa share Canton and Circle

What happened

Ethereum advocate Trevor Raman said Wall Street’s private blockchains are a “race to the bottom,” arguing permissioned networks can help but must sit on an open base layer like Ethereum. The comment coincided with JPMorgan, DTCC and Visa sharing the Canton and Circle platforms.

Confirmed

Global impact / market context

If private chains lack an open foundation, they may fail to deliver blockchain’s benefits such as transparency and interoperability, limiting value for financial firms and possibly slowing broader adoption of distributed ledger technology.

Analyst inference

Wall Street’s interest in permissioned blockchains reflects a push for faster settlement and lower costs, while the call for open‑source layers like Ethereum shows a trend toward interoperability between public and private networks.

Analyst inference

What to watch

1. Watch whether JPMorgan, DTCC and Visa expand the use of the Canton and Circle platforms to integrate public Ethereum networks, which could signal broader industry acceptance of open base layers. Analyst inference
2. Monitor commentary from other blockchain advocates and regulators on the role of permissioned networks, as increased debate may influence corporate decisions on adopting open versus private ledger solutions. Analyst inference
3. Track any announcements of new collaborations between traditional finance firms and open‑source blockchain projects, as such partnerships could drive wider adoption of public networks. Analyst inference

Affected assets

• ETH — Ethereum

Evidence

• x.com