• BlackRock has announced the launch of a private trust that will give clients exposure to spot Bitcoin.
• Regulatory concerns have been raised by SEC Chairman Gary Gensler, but crypto expert George Tung believes there are lawsuits that could end Gensler’s rule.
• Ripple and Grayscale are both in the midst of litigation against the SEC, potentially bringing massive changes to the crypto space.
Blackrock Enters Crypto Market
BlackRock, one of the world’s largest asset managers, has announced the launch of a private trust that will give clients exposure to spot Bitcoin. The move is seen as competition to Grayscale Bitcoin Trust (GBTC), as BlackRock seeks to fill its own trust with spot Bitcoin. Despite regulatory fears and macroeconomic conditions, the largest asset manager on earth is not afraid to take the plunge into Bitcoin.
Regulatory Concerns
SEC Chairman Gary Gensler has raised regulatory concerns regarding the cryptocurrency industry, but crypto expert George Tung believes there are lawsuits that could end Gensler’s rule. A judge recently ruled in favor of Binance acquiring Voyager, disrupting Gensler’s plans. There is also a growing sentiment that Ripple is about to win their case against the SEC, leaving them without any proof that Ripple was making a profit from selling XRP. Lastly, Grayscale is arguing in court that there is no good reason why the SEC stopped a spot Bitcoin ETF despite meeting all conditions set by them.
Growing Interest in Bitcoin
Larry Fink, CEO of BlackRock stated there has been a growing interest in Bitcoin from various institutions including miners and Silvergate bank showing companies are preparing for something big despite retail investors panicking and fearful due to macroeconomic conditions .
Potential Losses for Gensler
The potential losses faced by Gensler in these cases could lead to massive changes in the crypto space with Coinbase even having enough boldness to go after him stating staking isn’t illegal leading Paxos or BitGo becoming an approved custodian which would open up more institutional money into cryptocurrencies so more people can invest in it with ease..
Exciting Times Ahead
Overall it looks like exciting times ahead if any or all these lawsuits succeed as they would open up more institutional money into cryptocurrencies allowing more people access towards investing within this industry making it easier for everyone involved without fear or panic due to regulations imposed by Gary Gensler .