This Month in Crypto: Blackrock ETF

Discover the top news stories circulating the block June 2023

BlackRock Applied for a Bitcoin ETF

BlackRock, the world’s largest asset manager with USD 9.5 trillion in assets, has made a bold move by applying for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Despite the regulatory crackdown on the digital asset industry, BlackRock’s application is seen as a game-changer. Experts believe that BlackRock’s application is the “real deal” and have defended its classification as an ETF, given the firm’s impeccable track record of success with the SEC. The fact that BlackRock, a prestigious financial institution, is venturing into the Bitcoin ETF space has breathed new life into the market and sparked optimism among investors.

If approved, BlackRock’s Bitcoin ETF could pave the way for broader institutional adoption of cryptocurrencies. The firm’s reputation, vast resources, and partnership with Coinbase as a custodian indicate its serious commitment to the venture. Although the regulatory environment remains challenging, BlackRock’s application carries significant weight and has generated hope within the industry. While the SEC’s stance on Bitcoin ETFs is yet to be seen, BlackRock’s entry into the race has ignited renewed enthusiasm and raised expectations for the future of cryptocurrency investments.

Australian Banks Implement Transfer Restrictions to Crypto Exchanges

One of Australia’s major banks, Commonwealth Bank, made the decision this month to delay or restrict certain transactions to crypto exchanges. The reason for this was due to the high-risk nature of the platforms, with the intention of the decision to protect its users from potential financial harm. However, the decision has not been favoured by the crypto industry.

Following the decision made by some Australian banks, the Director of Blockchain Australia, Jackson Zeng. Said the following, “The recent decision by banking institutions to restrict millions of their customers from making payments to cryptocurrency exchanges represents a profound curtailment of economic freedom in Australia. Every individual has an inherent right … to make decisions on how and where to use their finances … The principal role of banks is to facilitate these decisions, not to impose restrictions on them.”

To review strategies and discuss ways to allow for collaboration and fight scams with Australia, Blockchain Australia scheduled an Industry Roundtable on June 27, 2023, bringing together the blockchain industry, banking and finance sector, and government representatives. Along with ‘Blockchain week’ taking place in the last week of June.

Crypto as an Asset Class in ASX’s New Report

The Australian Securities Exchange (ASX) has issued a new Australian investor study that has marked the first time that crypto has been included as an asset class. The report shows that people aged 25 to 49 account for 69% of Australians that held crypto as an investment, followed by people over the age of 50 making up 19% and lastly the next generation making up 13%.

Although the ‘next generation’, ages 18 to 24 only made up 13% in this report, the amount of crypto held in the portfolios of the younger generation made up for twice as much of their portfolios as opposed to any other investor age group. With 46% of people aged 18 to 24 preferring stable returns, 31% of them invested quite considerably in crypto.

More news stories circulating the block:

• The country’s main crypto industry body, Blockchain Australia, has announced a new CEO, Simon Callaghan, who wants to speed up the crypto regulatory process
• China & Maylasia collaborate to integrate AI & blockchain to foster cross-border trade
• Immutable’s Gods Unchained launches on Epic Games Store
• Lawmakers in the upper house of the UK Parliament are pushing forward with legislation that aims to support the adoption of cryptocurrencies in the country
• Governor of the Banque de France François Villeroy de Galhau said international cooperation is needed to regulate crypto conglomerates
• According to new filing from Binance’s lawyers, SEC Chair Gary Gensler offered to be an advisor for the exchange back in 2019
• SEC files 13 charges against Binance Entities and CEO Changpeng Zhao
• Terraform Labs founder Do Kwon receives 4 months in prison in Montenegro due to fake passport charges

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