Bitcoiners dream in their sleep about the day a spot ETF gets approved for the top crypto asset. Surprise comments from the major national bank, Charles Schwab, suggest that those dreams could be answered soon. BREAKING: Charles Schwab ($7.5 trillion asset manager) is considering launching a crypto spot ETF. pic.twitter.com/Mul1Cp5dXM — Blockworks (@Blockworks_) January 25, […] The post $7.5 Trillion Bank Might Be Filing For Bitcoin Spot ETF appeared first on CryptosRus.

$7.5 Trillion Bank Might Be Filing For Bitcoin Spot ETF

Bitcoiners dream in their sleep about the day a spot ETF gets approved for the top crypto asset. Surprise comments from the major national bank, Charles Schwab, suggest that those dreams could be answered soon.

Charles Schwab, one of the largest banks in the US, overseeing $7.5 trillion in assets under management (AUM), just said that the financial giant is considering filing for a Bitcoin spot ETF (exchange-traded fund).

The tide seems to be shifting ever more closely in favor of Bitcoin and the cryptocurrency space, according to recent comments from Charles Schwab CEO Walter Bettinger.

In November, the CEO said that crypto is hard to ignore and that he was very cautious about the crypto space.

“It’s become large enough and consumer awareness is high enough that you can’t ignore it,” Bettinger said of crypto. But, “from a corporate standpoint, we don’t really take a viewpoint on whether it’s right for investors …. Personally, I really have no opinion on Bitcoin as an investment any more than I do artwork or the explosion in values of baseball cards of late…

However, he predicted there will be “more and more ways to invest in crypto — maybe ways that are a bit safer than direct purchases.”

And as it seems, the bank’s most recent comments suggest that they are working on those safer investment products as we speak, meaning a spot Bitcoin ETF filing could be coming soon.

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  • Bitcoin spot ETFs have been going live around the world, however, the US has yet to approve a Spot ETF like the one Charles Schwab is considering.
  • The Securities and Exchange Commission (SEC) has been blocking Bitcoin spot ETFs for years now, but investors are turning hopeful now that legitimized financial institutions are calling for the investment product.
  • Regulators are also confused about the SEC’s ruling as they approved a Bitcoin Futures ETF but refuse to consider spot ETFs.
  • US Representatives Tom Emmer and Darren Soto wrote a letter to SEC Chairman Gary Gensler in November pitching the case for a Bitcoin spot ETF.
  • In other efforts to legitimize Bitcoin and the crypto asset class, US regulators are exploring the process of allowing banks to hold crypto directly.
  • World asset manager Blackrock recently announced that it would be launching its own “Blockchain ETF” in the midst of the crypto market turmoil.

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