This ETN is voluntarily backed 1-1 so it's not pure paper like many others. If it was taken up with a vengeance it would have a market effect.

Could this be a wee omen for any ETF that actually did pass? There've been many other things that were going to 'save' us like the LedgerX thing and nothing was heard from them again once they got going.

Nothing launched now will have much take up. Interest is dead. I expect this to see a major uptick in a bubble just like everything else.