American multinational financial services company Charles Schwab“Crypto EconomyA fund traded inETF) applied to start.
The investment vehicle in question will be part of an initiative to gain exposure to investment vehicles that could benefit from the use of cryptocurrencies. The fund will invest 80% of its assets in stocks that are part of the Schwab Crypto Economy Index.
Meanwhile, the ETF bitcoin and Ethereum It is worth noting that it will not directly invest in cryptocurrencies such as
Because there are already 8 similar products in the USA. However, the U.S. Securities and Exchange Commission (SEC) has yet to approve any ETF that tracks the value of physical cryptocurrencies.
Earlier this year, Charles Schwab CEO Walt Bettinger spoke about the cryptocurrency industry.
For a company like Schwab, there’s an enormous gap in that space today.
he said.
Bettinger also expressed some reservations about the lack of regulatory clarity for the cryptocurrency space.
On the other hand, recently, Charles Schwab head of investor services, Jonathan Craig, stated that about 16% of Schwab clients aim to invest in cryptocurrencies in the first half of 2022.
SEC Keeps Its Caution!
Leading asset manager Blackrock has also applied to launch a blockchain-related ETF. However, although the SEC approved several futures Bitcoin ETFs last year, it still maintains a distanced stance from the spot Bitcoin ETF. Previously, applications from WisdomTree, Krypton, SkyBridge, Fidelity, VanEck were also rejected.