The majority of financial institutions are still hesitant to approach crypto despite the change in sentiment and regulation.

The main barrier is the mismatch between public, pseudonymous ledgers and regulatory requirements like KYC and private transfers.

For example, the Bank Secrecy Act requires institutions to know the sender, the recipient, and the purpose of every transfer. They must maintain the ability to audit records that tie every transaction to a verified customer or legal entity.

Financial institutions also require private payments. Banks cannot send client flows where counterparties and random observers can analyze every activity on a public ledger.

What's required is private flows and public accounts.

As it stands today, most existing chains are not an option with public flows and anonymous accounts.

An institutional blockchain would need to fall somewhere in the middle.

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