A few years ago, when the compliance and custody channels weren’t set up properly, they were the loudest critics, calling it a 'scam' at every turn. Then, when they started aggressively hiring internally to run pilot programs, the narrative shifted to 'an interesting experiment.' So why is it suddenly 'better than the existing system' now? This only proves that JPM’s tokenization infrastructure is complete, and their own settlement channels are up and running. Dimon personally coming out to declare 'the experiment is over' doesn’t mean they’re bowing to decentralization at all. What he really means is: JPMorgan’s toll gates are now in place, and compliant funds can now enter through the front door and pay their fees.