BlackRock Clients Show Lukewarm Interest in Ethereum Despite Cryptocurrency’s Market Value
Clients of the financial giant BlackRock are showing “limited” interest in Ethereum, the second-largest cryptocurrency by market value.
Meanwhile, there is “very little interest elsewhere,” indicating that the investment firm isn’t even considering smaller cryptocurrencies.
Mitchnick acknowledged that the cryptocurrency community wants to see the financial giant explore more options, but he says BlackRock still primarily focuses on Bitcoin.
According to the executive, Bitcoin is “the number one priority by a vast majority.”
Recently, BlackRock entered the race of digitization by launching a new fund based on the Ethereum network. The fund, officially launched earlier this week, allows for returns in US dollars with the assistance of blockchain technology.
In November, BlackRock also proposed launching an exchange-traded fund for Ethereum. However, the U.S. Securities and Exchange Commission postponed its decision on this request earlier this March, dampening the prospects of approval for an Ethereum ETF due to regulatory pressures.
Read more Regulatory Ambiguity Surrounds BlackRock’s Ethereum Fund
Senate members Jack Reed and Pat Toomey, specifically called out SEC Chairman Gary Gensler’s reluctance to approve exchange-traded funds for more cryptocurrency tokens.
Simultaneously, reports indicate that the SEC has launched a strong campaign to classify Ethereum as a security, reducing the likelihood of approving an Ethereum-based exchange-traded fund in the near future.
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