Less than two days after submitting separate applications to the US Securities and Exchange Commission (SEC) for ETH-based exchange-traded funds (ETFs), VanEck and ProShares withdrew the applications. Bloomberg Senior ETF Analyst Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.
“The key lesson from disasters is not that we should keep cash but that what we should have in place is a means to P2P payments in the absence of mobile networks, electricity and clearing systems. I don’t want to labor the point about the unsuitability of blockchain-based payments for general purpose cash replacement, but this seems to me to reinforce a critical design characteristic for central bank digital currencies: they must be able to work offline.”
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