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The blockchain community spent years celebrating the absence of gatekeepers. Regulators spent those same years sharpening their pens. And before you think it... No, not to kill innovation. But to protect what the technology cannot yet guarantee. At the GL1 Round Table at GFTN Forum, Japan, Isadora Arredondo, VP of Global Policy at Hedera, made that case clearly. Purely public, permissionless chains cannot guarantee settlement finality in a legal sense. Yes, on-chain the transaction is immutable. But immutability on a distributed ledger and legal finality in a courtroom are two completely different things. A transaction can be technically irreversible and simultaneously contested under securities law, property law, or cross-border jurisdiction rules. In regulated financial markets, you need both kinds of finality. This is precisely why centralized market infrastructures are re-emerging, regulated as CSDs (Central Securities Depositories) or Post-Trade (PT) entities. While the tech underneath them is evolving fast, the reason they exist—trust endorsement, regulatory oversight, legal accountability—hasn't changed. You can't engineer away the need for accountability. You just have to find a better way to deliver it. When David Katz described GL1's governance model earlier in the discussion, its node operation by major enterprises and fixed-fee structure, Isadora recognized it as exactly that. A better way to deliver it. Known participants. Predictable costs. A governance layer that regulators can actually engage with. Layering a regulatory governance framework atop the technical infrastructure doesn’t undermine decentralization; rather, it's what makes decentralization usable in the real world. The question was never decentralization versus governance. It was always both. This is Part IV of my GL1 Round Table series. Catch Part I on what GL1 could unlock for capital markets, Part II on the compliance and operational architecture underneath it, and Part III on how major banks are already building for it. More to come. 🌏 Grateful to fellow speakers Chyi Yan Hshieh, David Katz, Danielle Szetho, Fernando Luis Vázquez Cao, Ivan Mortimer-Schutts, Kelvin Tan, Masashi Watanabe, Mayumi Ojima, Naoto Shimoda, Ryosuke Ushida, and Sandra Ro 🇺🇦, and to moderator Alan Lim for keeping the conversation sharp.