According to @EricBalchunas, Vanguard’s John Ameriks said the firm is focused on blockchain’s operational benefits—including faster settlement, improved collateral handling, and removing inefficiencies to reduce costs—during a crypto panel at ETFs in Depth with Bitwise and Canary. Source: Eric Balchunas on X, Dec 11, 2025. Ameriks added they are asking whether there is a way to use the blockchain without all the crypto stuff. Source: Eric Balchunas on X, Dec 11, 2025. For traders, the takeaway is that a major asset manager is emphasizing blockchain infrastructure efficiency rather than direct crypto asset exposure, separating technology adoption from token exposure in market narratives. Source: Eric Balchunas on X, Dec 11, 2025.