The sensitivity framing is incomplete. It assumes the only axis is data visibility. The other axis is settlement neutrality: who can censor, freeze, or reverse transactions. Vanilla assets on public chains works bc no one cares enough to intervene. Sensitive assets on permissioned chains works bc the operator controls access. The gap is assets that are sensitive enough to attract intervention but need neutral settlement. That is where PoW credible neutrality has no substitute. Neither public PoS nor permissioned Canton covers it.

Top comment by @Sharada