Vanguard’s newly appointed CEO, Salim Ramji, has scuttled notions that he might reverse the investment giant’s decision against launching a spot Bitcoin exchange-traded fund (ETF) due to his pro-crypto stance.Ramji’s May 14 appointment at Vanguard had led to speculations that the investment firm might reverse its anti-BTC stand, with Bloomberg’s senior ETF analyst Eric Balchunas saying:“[Ramji] has been quoted about his interest in digital assets although I’m not sure that’s going to change Vanguard’s stance but he will be the CEO. Who knows. Door much more open now IMO.”Ramji, who will take over at Vanguard by June 8, previously headed BlackRock’s ETF division and was a crucial player in the launch of the asset manager spot Bitcoin ETF product IBIT. Notably, he left his BlackRock position in January.However, in a May 15 interview with Barrons, Ramji revealed that he would maintain “consistency” with what Vanguard stands for and “the products and services they offer.” He added:“I have heard [chief investment officer] Greg Davis’ explanation and I think it is entirely consistent with Vanguard’s investment philosophy. It is a logical and consistent point of view.”Earlier in the year, while the Bitcoin ETF approval euphoria still gripped the market, Vanguard decided against offering its clients access to Bitcoin ETFs because the flagship digital asset was “immature” and did not align with the company philosophy.Former CEO Tim Buckley further explained that the firm does not intend to change its stance toward the spot Bitcoin ETFs, primarily because it does not believe they belong in long-term and retirement portfolios.Ramji’s promise to keep towing this path might anger long-time customers who had previously threatened to close their accounts because of the firm’s anti-BTC decision.Nate Geraci, president of the ETF Store, said:“He didn’t specifically comment on whether Vanguard would allow spot bitcoin ETFs on its brokerage platform, but this doesn’t look positive.”Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Must-read crypto news & insights. Delivered daily.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.Miller argued that the flagship crypto remains vastly undervalued and predicts a major shift in global capital governance.The report highlights significant gaps in law enforcement’s ability to track and recover illicit digital assets moved via privacy coins, layer-2 networks, and crypto mixers. DeFi Technologies recently adopted BItcoin as its primary treasury reserve asset.Japanese firm Metaplanet saw its stock surge 10% after its most recent Bitcoin acquisition.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
