Fidelity’s Ethereum ETF Proposal Updated to Embrace Staking
After Fidelity proposed to stake a portion of the fund’s ETH to generate additional income the price of LDO jumped.
The CEO Ripple Brad Garlinghouse issued a warning tweet to United States regulators to “step up” or risk falling behind China in the financial sector.
In a tweet, Garlinghouse urged US regulators to consider adopting a central bank digital currency (CBDC) to the economy:
U.S. regulators: now is the time to step up and lean into digital currencies. Remaining complacent is actually setting us back, while China’s grip on both crypto and fiat payments becomes stronger. https://t.co/NuGmFZmf7x (1/2)
— Brad Garlinghouse (@bgarlinghouse) May 26, 2020
He continued in the thread to say:
“One caveat – public digital assets like XRP are not exempt from U.S. (or global) financial oversight — actually the opposite. Responsible players who use these assets want to work with regulators, not against them. (2/2)”
Relying on the Society for Worldwide International Financial Transactions or SWIFT system might be a risky move for the US, as blockchain technology-based platforms are poised to unsettle the payments method. Should the US fail to adopt more innovative methods, blockchain and digital currencies pose a potential threat to the dollar as the global reserve currency.
Cryptocurrencies offer an alternative method of instant cross-border transactions and payments. Independent from the SWIFT system and the dollar, this points to a possible need for the US to consider some form of digital currency to stay ahead.
Rumour has it that China is piloting a digital yuan in a number of regions across the country. However, no official launch date has been set.
Across the pond, the French are currently leading the European front in the industry of digital currencies. As reported last week, the Bank of France recently saw its first successful pilot of a digital Euro. The country’s central bank is hoping to add a digital currency in order to improve the financial systems in place while tokenising financial assets.
After Fidelity proposed to stake a portion of the fund’s ETH to generate additional income the price of LDO jumped.
The IMF recommended Pakistan introduce stricter laws in collecting capital gains from real estate title transfers.
US Representative and CBDC opponent Tom Emmer suggested that “if you think the Fed is pursuing a CBDC, think again.”
Applications in South Africa poured in before the November 30 deadline, so more approvals could be on the way.