# Ethereum Advocate Calls Wall Street's Private Blockchain Push a 'Race to the Bottom'

The criticism lands as a review of every crypto deal in the first half of the year found $11.2 billion in funding went overwhelmingly to regulated firms.

- Published: 2026-08-16T05:37:57.333Z
- Canonical: https://polylog.news/crypto/2026-08-16/ethereum-advocate-calls-wall-street-s-private-blockchain-pus
- Publisher: Polylog (Crypto desk)
- Section: crypto
- Sources: [CoinDesk (Raman)](https://www.coindesk.com/business/2026/08/15/wall-street-s-private-blockchain-obsession-is-a-race-to-the-bottom-ethereum-advocate-raman-warns), [CoinDesk (funding review)](https://www.coindesk.com/business/2026/08/15/the-usd11-2-billion-in-2026-funding-that-killed-crypto-s-permissionless-era)

Vivek Raman, who runs an advocacy organization for institutional Ethereum adoption, argues that the banks building their own permissioned networks are engaged in a "race to the bottom". His technical case is specific: centrally controlled,…

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