Wells Fargo, the US banking giant, has made a surprising move by holding a Bitcoin ETF on behalf of its clients, as revealed in a recent filing with the SEC. The filing, known as Form F13, requires institutional investment managers to disclose their holdings, and it states that Wells Fargo is currently holding 2,245 shares of the Grayscale Bitcoin Trust (GBTC), which was converted into an ETF earlier this year. At the time of publishing, the total value of these shares is $121,207, a small fraction compared to the bank’s $2 trillion in assets under management.

This revelation is significant because it goes against the historical resistance that banks have shown towards providing exposure to the digital asset industry for their customers. In fact, just this week, the US House of Representatives passed a bill that aims to overturn SEC guidelines that discourage banks from holding cryptocurrencies by requiring them to list these assets as liabilities on their balance sheets. The bill received support from both Republicans and Democrats, with 207 votes in favor from Republicans and 21 votes from Democrats, resulting in a total of 228 votes to 182.

The bill, drafted by Republican Representative Mike Flood, is intended to remove barriers that prevent highly regulated banks from acting as custodians of digital assets, ensuring consumer protection. However, the Biden Administration has stated that it will veto the law if it passes the Senate, arguing that it could restrict the SEC’s ability to regulate and address potential issues related to crypto-assets and financial stability.

It’s important to note that the information provided in this article is for informational purposes only and should not be considered as investment advice. Investors should conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it act as an investment advisor.