Vanguard's new fund application mentions virtual currency! Expected to change cryptocurrency stance?

Vanguard, the world’s second largest asset management giant, recently submitted an application for Vanguard Specialized Funds to the U.S. Securities and Exchange Commission (SEC), seeking to track a benchmark The performance of an index, a benchmark index designed to measure the return on investments in common stocks of companies with the ability to grow dividends over time.

Vanguard lists definitions related to digital currency

It is worth noting that, according to Coingape, Vanguard also mentioned digital currency in the relevant application documents submitted and provided some clarifications related to digital currency. definition.

Vanguard describes “digital currency” as a digital asset that serves solely as a store of value, medium of exchange, or unit of account. Digital currencies are further classified as not issued by any jurisdiction, central bank, or public agency. or secured digital assets.

According to Vanguard’s definition, digital assets rely on algorithmic technology to regulate the generation of new units of digital assets, and transactions involving digital assets are recorded on a decentralized network or distributed ledger.

Vanguard distinguishes "digital currency" from "digital security tokens". "Digital security tokens" are defined as any digital assets that are neither digital currencies nor digital utility tokens. Digital securities The value of tokens mainly originates from or represents the equity of independent assets and asset pools.

Vanguard also defines "digital utility token" as a digital asset that provides access to a specific network, product or service.

Vanguard’s new CEO once said that he would not provide Bitcoin ETFs

Previously, Vanguard Group refused to provide customers with Bitcoin spot ETF transactions in January this year. Services, and no longer accepting customers to purchase cryptocurrency products, have been widely criticized by the cryptocurrency community, and even triggered a wave of boycotts and divestments.

Tim Buckley, the CEO who later took a clear anti-cryptocurrency stance, announced in March that he would retire at the end of the year. Salim Ramji, a former BlackRock executive, was announced by Vanguard Group in May as the new CEO. He took office on July 8. Since Salim Ramji was responsible for BlackRock's global iShares business and was an important promoter of BlackRock's launch of the Bitcoin spot ETF, it triggered the community's expectations for a possible change in the pioneer's cryptocurrency policy.

However, Salim Ramji poured cold water on the market’s expectations that Pioneer would provide its own Bitcoin spot ETF earlier this month, saying that not providing customers with Bitcoin spot ETF services is completely in line with Pioneer’s investment philosophy, emphasizing that this is a logical and consistent point of view.

However, as Vanguard Group specifically clarified the definition of digital currency in its new fund application, people are increasingly thinking that Vanguard Group may be considering adjusting its cryptocurrency policy, and the community is still optimistic about the long term. , Salim Ramji, who has experience leading BlackRock’s global ETF business, may change Vanguard’s position.

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