Vanguard Eyes Crypto ETF Access for Brokerage Clients

The $10 trillion mutual fund giant has stayed on the sidelines of crypto — until now.

Welcome to the Friday edition of the Crypto In America newsletter!

What you’ll read: Vanguard is quietly preparing to offer crypto ETFs on its brokerage platform, the industry applauds SEC-CFTC coordination but calls for action on a new CFTC chair, and the top stories this week.

The world’s second-largest asset manager, Vanguard, is preparing to allow access to crypto ETFs on its brokerage platform, Crypto In America has learned.

The mutual fund behemoth with $10 trillion in assets under management has, until now, remained on the sidelines when it comes to digital assets, opting for a more conservative approach than rivals Fidelity Investments and Charles Schwab.

According to a source familiar with the company’s plans, who spoke on condition of anonymity, Vanguard has begun laying the groundwork and holding external discussions in response to strong client demand for digital assets and a shifting regulatory environment. The source said there are currently no plans for Vanguard to launch its own products, as BlackRock has done. Instead, the firm is considering letting brokerage customers access select third-party crypto ETFs, though it remains unclear when a decision will be made or which products would be offered.

“They’re being very methodical in their approach, understanding the dynamics have been changing since 2024,” the source said.

A press rep for Vanguard did not respond to a request for comment.

The move comes as regulators have not just eased up on crypto since the advent of the Trump administration, but are actively embracing it, with the Securities and Exchange Commission recently approving a new generic listing standard to accelerate the approval of crypto ETFs and greenlighting index funds containing the top crypto assets.

Vanguard’s CEO Salim Ramji, a 10-year BlackRock veteran, oversaw the launch of BlackRock’s wildly successful Bitcoin ETF IBIT, which has seen over $60 billion in net inflows since its debut in January 2024 and now holds more than $80 billion in assets. Since taking the helm at Vanguard last year, many wonder if he will take a page from his former boss Larry Fink’s playbook.

At the July Morningstar Investment Conference, Ramji reiterated that Vanguard will not copy competitors by launching its own crypto ETFs, but he notably sidestepped questions about offering access to third-party crypto ETFs on the platform.

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Industry Cheers SEC-CFTC Coordination… But a Chair Is Still Needed

On Monday, crypto’s de facto regulators will host a joint roundtable to explore ways to harmonize rules on shared priorities including crypto.

Industry observers have been excited to see the two agencies, often at odds over digital assets in the past, coming together under the leadership of SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham.

A new paper from investment firm Paradigm explains how agency coordination could transform financial markets by embracing tokenized assets and crypto derivatives, while moving away from the regulation-by-enforcement approach of the previous administration.

On one condition:

“The key is both Chairs sharing a unified vision for markets,” said Alex Grieve, Paradigm’s VP of Government Affairs and a co-author of the paper.

While Atkins and Pham appear to be on the same page, the working relationship is not destined to last, as Pham has indicated she plans to step down once a permanent chair is confirmed. Several weeks ago, Brian Quintenz, former executive at a16z Crypto, was slated to take over the role, but his confirmation remains in limbo as the White House vets several other candidates.

As market structure negotiations heat up on Capitol Hill, and with a significant portion of crypto oversight expected to shift to the commodities regulator under new legislation, industry leaders are urging for a permanent, pro-crypto CFTC chair to be confirmed quickly.

Ideally, one that’s in lockstep with Atkins.

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Weekly Recap

ICYMI. Here are the biggest news stories this week from the intersection of Washington and Web3:

• The CFTC announced an initiative to let stablecoins be used as tokenized collateral for the first time in U.S. derivatives markets.

• Tether is seeking to raise $20 billion in a private placement at a $500 billion valuation.

• Morgan Stanley is set to offer crypto trading through its E-Trade division in the first half of 2026.

• SEC Chair Paul Atkins said the agency aims to institute an “innovation exemption” for certain digital assets by the end of the year.

• Hashdex expanded its NCIQ ETF under the SEC’s new generic listing standards, giving investors exposure to BTC, ETH, XRP, SOL, and XLM.

• The Senate Banking Committee’s markup of its market structure bill has been delayed from September 30 to October.

• The Senate Finance Committee will hold a hearing focusing on crypto taxes next Wednesday, barring a government shutdown.

• The SEC announced its agenda and panelists for a joint roundtable with the CFTC on Monday which will include players in the TradFi and DeFi space.

• Anchorage Digital has applied for a Fed master account, according to an update to the Fed’s database.

• Midas and Axelar launched mXRP, a new liquid-staking token offering yield of up to 8% for XRP holders in Europe and Asia.

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