The post Bitcoin whale BlackRock set to clash with ‘crypto president’ Trump after inauguration appeared on BitcoinEthereumNews.com.

BlackRock, the biggest asset manager on the planet with $11.5 trillion under its belt, is about to lock horns with Donald Trump, who is about to step back into office with a crypto agenda. Trump’s administration is promising to turn it into a cornerstone of US economic strategy. Meanwhile, BlackRock, the same company holding over half a million Bitcoins valued at $52.81 billion through its iShares Bitcoin Trust (IBIT), has its own battles to fight — with regulators breathing down its neck. The Federal Deposit Insurance Corporation (FDIC) isn’t cutting BlackRock any slack. And Trump’s big Bitcoin plans? Let’s just say they don’t make things any easier for Mr. Larry Fink. But hey, at least BlackRock’s a Bitcoin whale now. BlackRock vs. FDIC Here’s what is going down with the FDIC. BlackRock was supposed to meet a January 10 deadline to address concerns about its influence on US banks. However, It didn’t. Instead, it asked for more time—until March 31—to review a proposed agreement, claiming it needed at least two more months. The FDIC wasn’t buying it. The agency not only rejected the extension but also added more demands. They want more transparency about how BlackRock makes decisions and details about its bank-related holdings. If BlackRock doesn’t act fast, things could get worse, and fast too. Sources familiar with the matter say the FDIC might issue subpoenas or take other mandatory actions to force the firm’s compliance. This isn’t a minor dispute. BlackRock’s sheer size, combined with its massive stakes in banks, has some regulators worried it could have too much control over the financial system. Jonathan McKernan, a Republican FDIC board member, and Rohit Chopra, the Democratic head of the Consumer Financial Protection Bureau, have both called for tighter oversight of big asset managers. Their main argument is that…

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Filed under: News - @ January 12, 2025 9:25 pm