DRW founder and CEO Don Wilson has highlighted a trend among large banks favoring private, permissioned blockchains over fully transparent public ledgers. According to NS3.AI, Wilson explained that the preference stems from concerns about open trade visibility conflicting with fiduciary duties and trade execution. He noted that institutions exploring tokenization are inclined to use systems that offer tighter control over data, access, and compliance, rather than opting for public networks like Ethereum.