Franklin Templeton Investments is looking to launch a new exchange-traded fund that tracks a crypto index, pending regulatory approval, the company announced on Thursday.
With the rise in popularity of cryptocurrencies and Donald Trump’s successful bid for the US presidency, asset managers are vying to enter the market. During his campaign, Trump pledged to promote digital assets and build up a national supply of Bitcoin, positioning the US as the “crypto capital of the planet.”
Previously, the Securities and Exchange Commission had resisted ETFs investing in Bitcoin, citing concerns about protecting investors.
However, last year they approved Bitcoin and Ether ETFs, providing a way for more investors, including institutional ones, to access this asset class. This has led to other firms, like Solana and XRP, seeking approval for ETFs tracking their respective cryptocurrencies. However, their approvals are currently pending.
