Vanguard And Charles Schwab Expand Crypto Access
Vanguard, which has historically been one of crypto’s biggest skeptics, reversed course in early December. The $11 trillion asset manager now allows its 50 million customers to trade select third-party crypto ETFs and mutual funds through a Vanguard brokerage account.
At roughly the same time, Charles Schwab signaled it is preparing to go beyond ETFs and toward native access for digital assets. At the Reuters NEXT conference on December 3, Schwab CEO Rick Wurster said Schwab plans to launch spot crypto trading in the first half of 2026. The rollout will be incremental, starting with employee testing and then a limited client pilot. Schwab has also publicly said it expects the regulatory environment to change and that it is getting ready for that shift.
Our Take
For years, many investors had to treat crypto as “outside” of the rest of their portfolio, with different custody, reporting, and operational risks. Allowing crypto ETFs on a platform like Vanguard compresses that gap, while Schwab’s plan for spot trading suggests crypto will soon sit next to stocks and bonds for Gen X and Baby Boomer investors. Robinhood already does this today, and Coinbase has announced plans to move toward a similar multi-asset model that includes equities.
It is also worth noting what this does to competitive dynamics. Brokerages are adding crypto because client demand leaks elsewhere when access is constrained. Platforms tend to start narrow, and the early winners are usually the assets that map cleanly to liquid, regulated products. That likely keeps the center of gravity on the most institutionally legible digital assets, while the long tail remains harder to access through mainstream rails.
Bitwise Launches First Crypto Index Fund
Bitwise Asset Management made news last month by launching a first-of-its-kind ETF on the NYSE: The Bitwise 10 Crypto Index ETF (Ticker: BITW). Originally launched as a private trust in 2017, BITW now trades publicly and is designed to give investors exposure to the ten largest crypto assets by market cap.
At the time of its uplisting, the fund’s holdings included major assets like Bitcoin (BTC), infrastructure plays like Chainlink (LINK), and newer alt-L1s like Sui (SUI). Bitwise mandates that 90% of the portfolio be allocated to assets that already have existing single-coin ETFs, while capping all other "long-tail" assets at a combined 10%. A full list of the holdings and allocations can be found here.
Our Take
We fully support new ways for traditional investors to get crypto exposure and can appreciate the value a fund like this offers at face value. Unfortunately though, the ETF has structural flaws and it’s hard to argue how it’s a good deal for investors.
To start, approximately 75% of the fund is accounted for by Bitcoin, making it effectively a Bitcoin-only ETF that is 3X more expensive than popular options like Blackrock’s IBIT. While the remaining 25% allocation includes promising cryptocurrencies like Ether (ETH), many holdings are older crypto projects that have failed to find product-market fit. Their high market cap is the result of hype from past cycles.
While today BITW isn’t as robust as the S&P 500, we remain optimistic about the future of crypto indexing. The market is clearly maturing. As new protocols driving real revenue find their footing, we expect to see a shift toward 'quality-weighted' indices. Until then, we prefer a more surgical approach to crypto exposure rather than paying a premium for a basket of legacy digital assets.
Crypto Regulation Shows Real Signs Of Momentum
U.S. crypto policy moved forward on two fronts in December: leadership and legislation.
First, on the leadership side, the CFTC officially transitioned to Chairman Michael Selig, who was confirmed and sworn in in December. Commentary from industry legal observers has consistently flagged crypto as likely to sit at the top of his agenda. Notably, he has praised bipartisan market structure efforts and signaled the agency would move quickly to implement new crypto legislation if enacted.
Second, Senate market structure work appears to have a concrete near-term waypoint. Reporting from Crypto in America indicates the Senate Banking Committee landed on Thursday, January 15, 2026 for a markup of crypto market structure legislation that has been under negotiation for months. This follows earlier attempts that stalled over items like DeFi treatment, token classification, and stablecoin reward features. The market structure legislation builds on the House-passed Digital Asset Market Clarity Act of 2025 (CLARITY Act), which cleared the House this past summer and was later referred to the Senate.
Our Take
A useful way to frame all of this is that crypto is transitioning from “regulation by enforcement” to “regulation by framework.” December’s milestones support that view:
A confirmed, pro-crypto CFTC chair matters because a large share of what market participants experience as “regulation” is how leadership prioritizes guidance, examinations, and enforcement posture.
A markup date matters because it converts negotiations into an executable legislative process, even if the outcome still depends on votes and bipartisan compromise.
The CLARITY baseline matters because it provides a House-passed reference point that Senate drafts and committee work can build from, rather than starting from a blank slate.
Our base expectation is that market structure progress will continue to arrive in steps. However, we can confidently say that progress is accelerating. The market impact will likely be most pronounced once agencies publish implementable rules and market participants can build to those standards with confidence. At that point, regulatory clarity becomes an enabler rather than a constraint, unlocking broader institutional participation and allowing larger pools of capital to move into crypto markets.
About Triple Point Strategy
Triple Point Strategy is a research firm and crypto investment manager. We operate the Marietta DeFi Fund, a crypto investment fund that is focused on capital appreciation and DeFi-native income strategies. It is currently available to U.S. accredited investors. Subscribe below to receive our latest insights directly in your inbox.
For U.S. accredited investors only. Offered under Rule 506(c) of Regulation D. This content is for informational purposes only and does not constitute financial, investment, or tax advice. This is not an offer to sell or a solicitation to buy any security. Any investment may only be made through the Fund's confidential offering documents. Investing involves risk, including possible loss of capital. Digital assets are volatile and subject to changing regulations.