Do we really need separate RWA privacy protocols or blockchains?

We've already seen several blockchains launch with big promises, only to end up with barely any users, apps, or liquidity.

Now there's all this talk about RWA privacy protocols and even separate blockchains for institutions to tokenize and trade assets privately.

I get that funds need separate infrastructure for compliance and other requirements. But do we really need new blockchains for this?

We already have public chains with existing liquidity, apps, and users. Why can't we add privacy to these networks?

I'd rather trade tokenized stocks on an established chain than move funds to a new chain just for privacy.