Major US bank Wells Fargo now holds a Spot Bitcoin ETF on behalf of its clients, according to a new SEC filing.
Wells Fargo owns 2,245 shares of Grayscale Bitcoin Trust (GBTC), which was converted into an ETF in January, according to the bank's Form F13 filing, which requires institutional investment managers to disclose their holdings. There is.
The total value of these shares is $121,207 as of this article's publication, a fraction of the company's roughly $2 trillion in assets under management.
But the revelations are significant given banks' historical resistance to customers seeking exposure to the digital asset industry.
This week, the U.S. House of Representatives passed a bill that would overturn SEC guidelines that discourage banks from owning cryptocurrencies by requiring them to list assets as liabilities on their balance sheets.
The bill passed by a vote of 228 to 182, with 207 Republicans and 21 Democrats.
Republican Rep. Mike Flood, who authored the resolution, said the resolution aims to “provide assurance to consumers by removing barriers that prevent highly regulated banks from acting as custodians of digital assets.” The aim is to protect.
The Biden administration said the legislation, if passed by the Senate, “could inappropriately limit the SEC's ability to ensure adequate guardrails and address future issues related to crypto assets, including financial stability.” '', he declared that he would veto this law.
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