Wall Street firms are leaning towards private blockchains over public ledgers for institutional applications, according to Don Wilson, CEO of DRW. Speaking at the Digital Asset Summit in New York, Wilson emphasized that the transparency of public blockchains conflicts with traditional finance practices, where trade visibility could undermine risk management and trading strategies. He argued that institutions require systems with limited visibility to protect their operations. Wilson highlighted that while blockchain technology holds promise, its implementation needs to align with institutional needs for privacy and control. Many banks, including JPMorgan, have developed private, permissioned networks to maintain tighter control over data and compliance. As tokenization gains traction, Wilson noted that the design of blockchain systems for major asset classes will likely differ from today's public chains, focusing on privacy and market structure issues.