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BlackRock warns the US SEC about Bitcoinโs potential classification as a security
BlackRock, the worldโs largest asset manager, has issued a warning to the US Securities and Exchange Commission (SEC) about Bitcoinโs potential classification as a security.
The asset managerย emphasized the potential consequences, stating that such a classification could make trading and handling Bitcoin in the United States difficult.
BlackRock is concerned about the potential negative impact on Bitcoinโs trading value if it is classified as a security by the SEC.
Drawing parallels to the SECโs legal actions against Ripple, BlackRock stated that the market value ofย XRP droppedย from $100 billion to $10 billion as a result of regulatory scrutiny and litigation against Ripple and XRP.
There is growing speculation within the crypto community that the SEC will classify Bitcoin as a security. The impending decision, which is expected in January, is based on the SECโs evaluation of a Bitcoin exchange-traded fund (ETF).
The warning from BlackRock emphasizes the significance of this decision and its potential implications for Bitcoinโs market dynamics.
The reference to Rippleโs legal challenges by BlackRock serves as a cautionary tale. Ripple suffered negative consequences as a result of SEC actions, including the loss of partnerships and a significant drop in the price of XRP.
This historical context emphasizes the potential ramifications for Bitcoin if subjected to similar regulatory scrutiny.
Notably, Bitcoin and Ethereum have not been classified as securities, setting them apart from certain other crypto.
This distinction has become a focal point, especially as the SEC conducts analyses on various digital assets, including the likes of Cardano.
The asset managerย emphasized the potential consequences, stating that such a classification could make trading and handling Bitcoin in the United States difficult.
BlackRock is concerned about the potential negative impact on Bitcoinโs trading value if it is classified as a security by the SEC.
Drawing parallels to the SECโs legal actions against Ripple, BlackRock stated that the market value ofย XRP droppedย from $100 billion to $10 billion as a result of regulatory scrutiny and litigation against Ripple and XRP.
There is growing speculation within the crypto community that the SEC will classify Bitcoin as a security. The impending decision, which is expected in January, is based on the SECโs evaluation of a Bitcoin exchange-traded fund (ETF).
The warning from BlackRock emphasizes the significance of this decision and its potential implications for Bitcoinโs market dynamics.
The reference to Rippleโs legal challenges by BlackRock serves as a cautionary tale. Ripple suffered negative consequences as a result of SEC actions, including the loss of partnerships and a significant drop in the price of XRP.
This historical context emphasizes the potential ramifications for Bitcoin if subjected to similar regulatory scrutiny.
Notably, Bitcoin and Ethereum have not been classified as securities, setting them apart from certain other crypto.
This distinction has become a focal point, especially as the SEC conducts analyses on various digital assets, including the likes of Cardano.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content.ย See T&Cs.
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