By CoinEpigraph Editorial Desk | October 27, 2025
The Illusion of Choice
BlackRock could run its tokenized ETFs or bond funds on Ethereum. Technically, nothing stops them.
But the world’s largest asset manager isn’t chasing decentralization—it’s calibrating control.
Governance and Liability
Ethereum is permissionless; anyone can transact, fork, or audit the code. That freedom collides with securities law.
Institutional tokenization demands the ability to freeze, whitelist, and reverse transactions.
In a compliance-first world, BlackRock can’t risk “code is law.” It needs law in the code—and only a private chain can guarantee it.
Regulatory Finality
On public blockchains, finality is cryptographic.
Regulators require legal finality—an accountable operator who can reverse errors or fraud.
Hence the preference for permissioned ledgers where every node is licensed and auditable.
Jurisdiction and Data Silos
GDPR and SEC record-keeping rules forbid scattering investor data across anonymous global nodes.
A closed network keeps all records on-shore, compliant, and controllable, satisfying both privacy law and audit trails.
Operational Predictability
Ethereum’s gas fees, congestion, and governance votes are volatile.
Institutions need deterministic block times, service-level guarantees, and change-control boards—features available only when you own the rails.
Strategic Leverage
Running a proprietary ledger converts the blockchain from infrastructure to moat.
Control the settlement layer, and you control who participates, at what cost, and under which terms.
That is the true dividend of private tokenization: programmable liquidity, not open liquidity.
CoinEpigraph View
Ethereum symbolizes democratized finance; BlackRock’s network represents codified hierarchy.
Both use distributed ledgers—but for opposite ends of the spectrum.
Public blockchains disperse power; private chains institutionalize it.
“Public chains liberated code. Private chains domesticate it.”
— CoinEpigraph Editorial Desk
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