A version of this article appeared in our The Roundup newsletter on December 19. Sign up here. Hi! Eric here. Tokenisation is becoming the next frontier in Wall Street’s aggressive campaign to bulldoze into crypto. In 2025, centralised players like Robinhood, Kraken and Superstate launched tokenised stocks on their platforms, enabling 24/7 trading of digital exposure to company shares. That’s just the beginning, industry insiders tell DL News. “In 2026, the tokenised assets market becomes broader, dee ...

Vanguard’s global head of quantitative equity, John Ameriks, said bitcoin (BTC) still resembles a speculative collectible more than an asset meant to build long-term wealth, comparing it to a “digital Labubu,” the plush toy that has become a popular collectible. Ameriks’ words came during Bloomberg’s ETFs in Depth conference in New York on Thursday, where he said bitcoin lacks the income, compounding, and cash-flow traits Vanguard seeks when it evaluates long-term investments. His dismissive stance come ...

Core Insights - The ETF market is experiencing significant innovation with a surge in single-stock ETFs, particularly from Harvest Portfolios Group Inc. and Purpose Investments Inc. [1][2] - LongPoint Asset Management Inc. has introduced highly leveraged ETFs, including those that provide inverse exposure to major stocks like Nvidia and Tesla [2][3] - The fixed-income ETF segment is also expanding, with multiple firms launching target-date bond ETFs [6][7] - The cryptocurrency ETF market is growing, with several new products offering leveraged exposure [5] - Despite the growth in new products, some niche ETFs have been terminated, indicating a shift in market focus [13][14] Single-Stock ETFs - Harvest Portfolios Group Inc. launched 27 new single-stock ETFs, while Purpose Investments Inc. added 17 [1] - LongPoint Asset Management Inc. introduced 15 ETFs that offer twice the daily movement of single stocks, focusing on major U.S. and Canadian companies [2] Leveraged and Inverse ETFs - LongPoint's offerings include triple-leveraged and inverse-leveraged ETFs, branded as MegaLong and MegaShort, linked to various indexes [3] - Global X Investments Canada Inc. expanded its BetaPro suite with new products tied to three times daily gains or losses of market indices [4] Fixed-Income ETFs - RBC Global Asset Management Inc. added three new target-date bond ETFs, facing competition from other firms like National Bank Investments Inc. and BMO Investments Inc. [6][7] - The total number of target-date bond ETFs launched this year reached 22 across various providers [7] Cryptocurrency ETFs - A total of 19 new cryptocurrency ETFs were launched by seven companies, including BlackRock and 3iQ Corp., with some offering leveraged exposure [5] Market Dynamics - The Canadian ETF market saw significant product launches, with BMO Investments leading with 24 new ETFs, while BlackRock's market share increased slightly to 25.7% [16] - Vanguard Investments Canada Inc. maintained its market share at 14.4% without introducing new products [17] Terminations and Market Shifts - Several niche ETFs, including carbon-credit and metaverse ETFs, were terminated, reflecting changing investor preferences [13][14] - Invesco Canada Ltd. cut back on its ESG-themed ETFs, eliminating seven from its lineup [14]

Faced with these realities, Vanguard capitulated. The firm still won't launch its own crypto funds, sticking to its core indexing philosophy. However, it now serves as a gateway for clients to buy crypto ETFs from other issuers like BlackRock, Fidelity, and Bitwise.Externally, regulations around crypto developed significantly. Under a more innovation-friendly administration, the SEC eased its stance and approved multiple spot crypto ETFs. Competitors like Fidelity, Charles Schwab, and traditional banks move ...

Core Insights - The repeal of a restrictive crypto accounting rule by the SEC in January has spurred institutional crypto adoption in the U.S., and Argentina is now considering a similar regulatory shift [1][4]. Regulatory Changes - In 2022, the Banco Central de Argentina (BCRA) issued Communication A7506, which prohibited financial institutions from engaging with digital assets [2]. - Following the appointment of new leadership by Javier Milei in 2023, the BCRA has adopted a more pro-crypto stance [2][3]. - The BCRA is reportedly drafting new regulations to ease restrictions on banks' participation in cryptocurrencies, indicating a significant policy shift [3][7]. Comparison with U.S. Regulations - The regulatory environment in Argentina mirrors that of the U.S., where a change in government has led to a more accommodating approach towards crypto [4]. - A7506 is noted to be more restrictive than the SEC's Staff Accounting Bulletin 121 (SAB121), which required banks to report digital assets as liabilities [4][5]. Institutional Adoption - Major Wall Street firms, including Citi and State Street, are preparing to offer crypto custody services following the repeal of SAB121, with plans to launch in 2026 [6]. - The anticipated regulatory changes in Argentina are expected to allow banks to offer crypto services, similar to trends observed in the U.S. [7]. Broader Industry Trends - The shift in regulations is part of a broader trend where banks are increasingly integrating crypto into their core business lines, as seen with JPMorgan and Citi's recent initiatives [8]. - The initial focus post-repeal of SAB121 has been on institutional services and investment policy adjustments [9].

Core Insights - Bitcoin has climbed back above $93,000, reaching its highest level in two weeks, although it has faced challenges since its all-time high in October, with regulatory factors being a key concern heading into the new year [1] Group 1: Regulatory Developments - The Clarity Act, which has passed the House, aims to establish a true market structure for crypto in the U.S., providing clarity and certainty for digital assets [3] - The Senate is expected to vote on the Clarity Act soon, which is essential for completing the regulatory framework for the crypto industry [2][3] - The passage of the Clarity Act would define which assets are subject to U.S. securities laws, addressing concerns regarding leverage and other issues [9] Group 2: Adoption of Stablecoins - Traditional financial institutions, including banks, are recognizing the potential of stablecoins to transform the financial services industry, leading to greater adoption and efficiency [5] - The recent passage of the Genius Act has prompted banks to explore stablecoins, indicating a shift towards innovation in financial transactions [4] Group 3: Market Dynamics and Leverage - The influence of leverage players on Bitcoin remains significant, and Coinbase is adapting to this evolving market by providing access to Bitcoin for millions [7][8] - The introduction of new options for consumers to participate in the Bitcoin market necessitates new standards and safeguards [8] Group 4: Institutional Engagement - Vanguard's decision to allow crypto ETFs on its platform signals a growing acceptance of crypto as an asset class, reflecting a shift in perspective among initial skeptics [10][11] Group 5: Transparency and Compliance - Coinbase's transparency report revealed a nearly 20% increase in government information requests, with over half coming from outside the U.S., indicating a global trend in law enforcement's interest in digital assets [12][14] - The report highlights the importance of lawful processes while maintaining customer privacy, as the demand for compliance with legal requests grows [15] Group 6: Metrics for Crypto Adoption - The focus on the use of digital assets and blockchain networks to solve real-world problems is becoming more prominent, beyond just price metrics [17][18] - The acceleration of adoption in various applications, such as DeFi for credit and alternative payment methods, is a key area of interest for the industry [18]

Core Insights - The article discusses three cryptocurrencies that could serve as foundational assets for a crypto portfolio, emphasizing the importance of balancing high-risk assets with more stable investments like stocks and bonds [1][2]. Cryptocurrency Analysis 1. Bitcoin - Bitcoin is highlighted as the largest and most recognized cryptocurrency, showing resilience in recovering from price drops and reaching new highs over time [3][4]. - Current market data indicates a price of $89,607, with a market cap of $1,789 billion, and a 52-week price range of $74,604.47 to $126,079.89 [4][5]. - Bitcoin is increasingly viewed as a digital gold, attracting institutional investment and being added to government reserves, although it has yet to fully prove its inflation-hedging capabilities [5]. 2. Ethereum - Ethereum is the second-largest cryptocurrency by market cap, known for introducing smart contracts that enable the development of various decentralized applications [6][7]. - It currently trades at $3,036.51, with a market cap of $367 billion, and a 52-week price range of $1,398.62 to $4,946.05 [7][8]. - Despite criticisms regarding high fees and slower transaction times, Ethereum maintains a dominant position in decentralized finance, holding nearly 60% of on-chain application funds, which amounts to over $70 billion [8]. 3. Chainlink - Chainlink is presented as a lesser-known cryptocurrency with significant potential, functioning as an oracle that provides real-world data to decentralized applications [11][12]. - The current price is $13.74, with a market cap of $10 billion, and a 52-week price range of $10.21 to $30.70 [12][14]. - Despite a 40% decline in value over the past year, Chainlink has secured partnerships with major financial institutions and the U.S. government, indicating strong growth potential in the blockchain technology space [14]. Market Trends - The article notes the emergence of crypto ETFs, which simplify the investment process for new crypto investors by allowing them to buy cryptocurrencies through brokerage accounts [15]. - Since the launch of spot Bitcoin and Ethereum ETFs, over $100 billion has been attracted to these funds, with the first Chainlink ETF recently launched [16].

Core Insights - The ongoing popularity of derivative strategies is highlighted by Goldman Sachs' $2 billion acquisition of Innovator, indicating a trend towards complex, high-fee products in the ETF market [4]. Group 1: ETF Market Trends - Over $1.5 trillion has flowed into ETFs this year, with approximately 75% of the money directed towards "boring" cheap beta products, while new launches are focused on complex derivative-based products [3]. - The trend of investors paying high fees for defined outcome/buffered products reflects a desire to manage portfolio anxiety, leading to increased profitability for issuers of these complex products [4]. Group 2: Cryptocurrency Developments - Vanguard's decision to allow clients to trade crypto ETFs marks a significant shift in the market, alongside Schwab's plans for direct crypto trading, raising questions about the future of digital asset companies [5]. - The nature of bitcoin is discussed as a psychological commodity, with its value derived from scarcity and human perception, emphasizing the importance of brand and trust in the crypto landscape [6]. Group 3: Regulatory Environment - The SEC has rejected all filings for 3X and 5X single-stock leveraged ETFs, with existing 2X leveraged ETFs being viewed as a backdoor to high leverage, prompting discussions on fee transparency and the potential for significant deviations from intended returns [7].

Group 1 - Woori Bank has started displaying Bitcoin prices in its main trading room in Seoul, alongside won-dollar exchange rates and stock market data, indicating a growing interest in cryptocurrencies [1][2] - The initiative reflects the increasing prominence of digital assets in global financial markets, as Woori Bank aims to monitor them as key indicators for market trends [2] - The financial ecosystem is witnessing a trend towards integrating Traditional Finance (TradFi) with digital asset markets, with several alliances being formed to facilitate this integration [3] Group 2 - Recent partnerships, such as the one between Kraken and Deutsche Börse, aim to bridge TradFi and crypto through trading, custody, settlement, collateral management, and tokenized assets [3] - Hana Financial Group and Dunamu have also signed an agreement to introduce blockchain technology for services like overseas remittances, showcasing the broader interest in digital assets [4] - The integration of TradFi and crypto is further exemplified by the rise of crypto Exchange Traded Funds (ETFs), with major asset management firms like Grayscale, Franklin Templeton, BlackRock, and Fidelity issuing multiple crypto ETFs [5] Group 3 - Franklin Templeton's Solana ETF has begun live trading on the NYSE Arca platform, indicating a growing acceptance and integration of crypto products in traditional financial markets [6]

RT Wendy O (@CryptoWendyO)Thank you @KitcoNewsNOW for inviting me on to discuss @Vanguard_Group giving their clients access to Crypto and Bitcoin ETFs!$HBAR $XRP $SOL https://t.co/eLCuUbNAbU ...