During a fireside chat at Breakpoint 2025, JPMorgan's Scott Lucas reviewed key moments in the shift in institutional attitudes. He stated frankly that if we turn back the clock a year, completing a similar transaction on a public blockchain would have seemed to him to be almost a "zero-probability event."

Scott stated that multiple factors have changed over the past year: adjustments to rules and the regulatory environment, as well as shifts in overall market dynamics and institutional risk appetite. Previously, in the US market, opportunities for institutional participation in public blockchains were largely limited, with many issues unable to be seriously raised or discussed. Now, this space is being reopened.

Scott emphasized that this change is positive in itself because it allows institutions, for the first time, to calmly consider a more fundamental question: what role will a whole suite of new technologies, including blockchain, play in the future economic system, and where might capital markets go as a result? He added that not long ago, institutions couldn't even begin to work on these questions; now, simply starting to research, understand, and drive practice is an important step in itself.