Wall Street's private blockchain obsession is a 'race to the bottom,' Ethereum advocate Raman warns

“When we have regulatory clarity the institutional money goes toward open networks because that's the rails that no one owns,” Ramen said. “If you go to consortium chains, you're kind of paying the consortium. You have to get permission or be one of the consortium members. And if you're not an early consortium member, then the incentives go away very quickly.”