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Bitcoin ETF continued from page 35 ter products promised to be at their fingertips in the future , some advisors might still think of waiting to get in .

“ Almost every large asset manager or ETF sponsor we talk to across the board has a cryptocurrency strategy ,” says Schwenk . “ They ’ re all looking for moments that they want to get into the market , and for most , this isn ’ t it . They think it will be a race to the bottom on fees , and these products aren ’ t really interesting to innovate with today . Most of these companies are looking for different ways to bring crypto ETFs to market and they ’ re waiting for the right timing to do so .”

The real question , says Schwenk , is tokens , active cryptocurrency ETFs , and multi-asset ETFs containing allocations to cryptocurrency .

Within the next decade , advisors will likely be able to access a tokenized version of the S & P 500 that represents the stock index but trades openly , without an exchange or any intermediary , in real time , like a cryptocurrency . The idea is to create even more resource-efficient , tax-efficient and liquid trading vehicles . Which means the story of cryptocurrency ETFs likely doesn ’ t stop with spot bitcoin . With betwhether the SEC will now be more open to innovation in the cryptocurrency product space , or whether these spot bitcoin ETFs are a onetime relaxation of the agency ’ s opposition as it gears up to fight newer products in the future .

Schwenk says : “ I predict they are cautiously receptive to an ethereum ETF because of where ethereum is at right now in terms of whether or not it could be a security , how liquid the markets are and the level of institutional support from companies like Coinbase . I suspect , however , that as long as [ Gary ] Gensler is the SEC chair , we ’ ll see continued resistance to making progress on these products .”

JANUARY / FEBRUARY 2024 | FINANCIAL ADVISOR MAGAZINE | 59