BlackRock, the largest asset manager globally, is facing challenges from both regulators and the potential crypto agenda of the incoming Trump administration. The Federal Deposit Insurance Corporation (FDIC) is demanding transparency and information about BlackRock's influence on US banks, and there are concerns that the company's size and stake in banks could give it too much control over the financial system. Meanwhile, Trump and Senator Cynthia Lummis are pushing for a US Strategic Bitcoin Reserve, with the goal of acquiring 1 million Bitcoins over five years to reduce reliance on traditional financial systems. Although BlackRock holds a significant amount of Bitcoin, it is not aligned with this plan. The company recently withdrew from the Net Zero Asset Managers Initiative due to pressure from Republican-led states, highlighting the political tensions affecting its decision-making.



Other News from Today