The Ethereum community is furious. The DTCC (which clears $2.5 quadrillion a year) passed over ETH and chose Canton to tokenize US Treasuries. The criticism is structural: Canton's validators are its investors. Its governance co-chairs are DTCC and Euroclear. This isn't decentralization - it's the same institutions that control TradFi today, now controlling its blockchain successor. I put that directly to @wesarn_real on the alpha un# podcast. His answer was blunt: "Imagine JP Morgan calls their regulator and says - great news, a black box tells us our customers' money is safe. We just can't see any of it ourselves." That's what ZK-based privacy looks like to a compliance team. And a pseudonymous pool of validators confirming your transaction doesn't change the trust relationship between you and the issuer, not even slightly. Named, legally accountable institutions aren't the compromise. In regulated finance, they're the only answer that actually works. Check out the full alpha un# conversation with Eric 👇