In the fireside chat at Breakpoint 2025, JPMorgan’s Scott Lucas reviewed the key milestones in the shift of institutional attitudes. He straightforwardly stated that if we turn back the clock to a year ago, completing similar transactions on public blockchains was almost a “zero probability event” in his view.
Scott said that over the past year, multiple factors have changed: on one hand, adjustments in rules and regulatory environments; on the other hand, overall market dynamics and institutional risk appetite. Previously, in the US market, opportunities for institutional participation in public blockchains had been long suppressed, and many issues could not even be seriously raised or discussed. Now, this space is being reopened.
Scott emphasized that this change is inherently positive because it has, for the first time, allowed institutions to calmly consider a more fundamental question: including blockchain and a whole set of new technologies, what role they will play in the future economic system, and where capital markets might head as a result. He added that not long ago, institutions even couldn’t work around these issues; but now, they are beginning to truly research, understand, and promote practical applications, which in itself is already an important step.
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