JPMorgan Chase & Co., which oversees about $4 trillion in client assets, met with the U.S. Securities and Exchange Commission’s crypto task force on 17 June to examine how shifting conventional trading and settlement to public blockchains could reshape capital-markets infrastructure. People familiar with the discussion said the agenda centred on the “potential impact of existing capital-markets activity migrating to public blockchain,” including implications for market liquidity, custody and regulatory oversight. The SEC unit continued its outreach this week, holding a separate session with the New York Stock Exchange to explore rule-making priorities such as tokenised-equity trading, generic listing standards for spot crypto exchange-traded products and ways to ensure a level playing field for incumbents and digital-asset platforms. Industry pressure for clearer rules is mounting. On 24 June, Robinhood Chief Executive Officer Vlad Tenev told CNBC he believes Bitcoin and other cryptocurrencies will ultimately replace traditional finance, underscoring the urgency for regulators and major market operators to prepare for a possible migration of capital-markets activity onto public blockchains.