Franklin Templeton says Wall Street fears blockchain because it threatens its profits

Jenny Johnson, Franklin Templeton's CEO, said blockchain and crypto threaten a huge number of business models that exist today in traditional finance. What to know : Franklin Templeton CEO Jenny Johnson said major financial firms are slow to adopt public blockchains because the technology threatens lucrative fee-based business models built on intermediating transactions. Johnson cited the firm’s tokenized money market fund, Benji, to argue that running transactions on public networks like Stellar is dramatically cheaper than legacy systems and is driving traditional players on-chain. While acknowledging that bitcoin enables self-custody and privacy, Johnson maintained that most investors will still want regulated custodians and standardized, low-cost compliance rails as institutional wealth moves into digital assets.