In this episode of Making Sense, Kate Finlayson, Global head of the FICC Market Structure and Liquidity Strategy, is joined by Sandy Kaul, Executive Vice President and Head of Innovation at Franklin Templeton, and Scott Lucas, head of Markets Digital Assets at J.P. Morgan. Together, they explore the rapid advancements in blockchain technology, and discussing what’s changed, what’s credible, and what institutional investors should be thinking about as market structure evolves. Sandy and Scott, who also serve as co-chairs of the CFTC’s Digital Assets Subcommittee, share insights on blockchain adoption milestones, regulatory developments, the convergence of traditional and decentralized finance, and the future of interoperability and market infrastructure. This episode was recorded on February 10, 2026. The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures Copyright 2026 JPMorgan Chase & Company. All rights reserved.

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“What did the council decide on item 42?” — answered with the speaker and the moment.