The European Union recently released a report exploring the potential of permissionless blockchains in traditional finance (TradFi). The report argues that permissionless blockchains should at least be seen as an option for traditional finance and financial marekt infrastructure, but with caution. The report argues that such blockchains can be more neutral than private blockchains, thus encouraging competition. The unrestricted access enabled by public blockchains stands in stark contrast to the siloed permissioned blockchains that are proliferating. While public blockchains have their drawbacks, there are a number of well-known workarounds that address their challenges, particularly by adding permissions at the smart contract level. According to the report, permissionless blockchains can provide an interoperability layer for L2 blockchains, including regulated blockchains. When smart contracts are on a single chain, they can be combined into more complex functions. At the same time, the report also mentions the shortcomings of public blockchains, such as scalability, privacy, finality, and governance. It delves into each topic, as well as controversial MEV issues.