In a surprising turn of events, Blackrock, the world's largest asset manager, has filed an application for a spot Exchange-Traded Fund (#ETF ). If approved, this move could have far-reaching implications for the #cryptocurrency industry, and potentially signal a new phase in the US government's approach to digital assets.
The application comes amidst a backdrop of increasing tension between the government and crypto-native companies. Critics argue that this is part of a larger strategy, dubbed 'Operation Chokepoint 2.0', aimed at sidelining these companies in favor of traditional financial firms with strong ties to the government.
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The Securities and Exchange Commission's (SEC recent lawsuit against Coinbase, a leading cryptocurrency exchange, has added fuel to this fire. This legal action is particularly noteworthy given that the SEC approved Coinbase's Initial Public Offering (#IPO ) in 2021. Furthermore, the US government has been using Coinbase as a platform to sell Bitcoin, adding another layer of complexity to the situation.
Now, with Blackrock's spot ETF application on the horizon, it appears that Coinbase will be used for custody on the backend. This move has been described as "hilarious" by some observers, given the seemingly contradictory actions of the government and the traditional financial institutions.
Blackrock's involvement in the crypto space is a significant shift from its previous stance. Just six years ago, the firm's CEO, Larry Fink, dismisser' Bitcoin as an "index of money laundering" when
the digital currency was valued at $6,000. Today, with Bitcoin's value soaring, Blackrock has filed for an ETF, a move that could potentially reshape the crypto landscape.
The final line of the original thread encapsulates the situation perfectly: "Everyone gets Bitcoin at the price they deserve." This statement serves as a reminder that the value of Bitcoin, and indeed all cryptocurrencies, is ultimately determined by the market. Regardless of the power plays and regulatory maneuvers, the market will continue to dictate the price of these digital assets.
In conclusion, the unfolding drama between the US government, crypto-native companies, and traditional financial institutions like Blackrock is a testament to the disruptive potential of cryptocurrencies. As these entities vie for control and influence in this burgeoning industry, one thing is clear: the world of crypto is far from predictable.