Jenny Johnson, President and CEO of Franklin Templeton, said that the progress of cryptocurrencies should not be ignored, as companies built on first-tier platforms such as Ethereum, Solana, and Cardano are real companies that will compete with traditional companies. As long as there is the ability to exchange for legal tender, it has value and may threaten some old models because it can make people almost part of the network. When you expand the network, you will receive rewards like shareholders, which changes the relationship between asset owners and assets. Jenny Johnson added that whether it is a mutual fund or an ETF, the technology that ultimately drives them will be blockchain, and traditional exchanges need to update computer systems to settle funds in batches at night, which will be eliminated by blockchain. Blockchain basically does three things: payment mechanisms, smart contract capabilities, and a ledger that ensures ownership.