Charles Schwab, one of the largest financial services companies in the USA, with $ 7.5 trillion under his management, is preparing to take an important step in cryptocurrencies.
According to Blockworks’ post, Charles Schwab, who is currently indirectly offering a crypto ETF, plans to launch a crypto-focused spot ETF.
The giant company is expected to make an official filing with the SEC on its cryptocurrency spot ETF soon.
Charles Schwab’s Approach to Cryptocurrency!
David Botset, an executive at Charles Schwab, said in previous statements that customers are increasingly interested in cryptocurrencies.
The CEO of the company, Walt Bettinger, recently said that cryptocurrencies should not be ignored and that there is a big gap that needs to be filled in this area.
Bettinger also said in his speech, “There are many ways customers can invest in crypto today. But what we do not offer is direct trading with cryptocurrencies.” had used the words.
With these words, Bettinger actually signaled the company’s plans to launch a cryptocurrency-focused spot ETF.
Cryptocurrency Spot ETF Applications!
The concept of Bitcoin and the cryptocurrency spot ETF is actually no stranger to the market. Because there are a significant number of applications made to the SEC on this issue. However, the SEC has yet to approve a Spot ETF as Charles Schwab has planned.
SEC Chairman Gary Gensler said that they rejected spot ETFs because of concerns that legal obligations for investor protection could not be met.
In November, US senators Tom Emmer and Darren Soto wrote to SEC Chairman Gary Gensler asking why he would allow a Bitcoin futures ETF but not a spot Bitcoin ETF.