Larry Fink (BlackRock) Never Loses

• Larry Fink Never Loses (Crypto's Unlikely Savior)

Crypto was a very doomed place before Larry Fink started to talk about BTC

• The crypto space was a very doomed place a year or two ago, yes, we all know that we were experiencing the downtrend of a BTC bear cycle but surely many of us would also say that the fall of FTX exchange on Nov-Dec. 2022 did fueled even more the plummet, marking the bottom of that bearish period, but also, this huge scandal was the perfect disaster to begin (or improve with more arguments) an orchestrated  movement in the upcoming months from several of the U.S. agencies towards banning crypto, known as “chokepoint 2.0”. Joe Biden´s administration seemed to be determined to stop or at least slow down in every way they could, the BTC/Crypto adoption, trying to debank crypto start-ups for example.

Many of those initiatives, proposals, concerns and suggestions, (lobbying)  backed and spreaded by Senator Elizabeth Warren who is known for trying to put together a so called “Anti-Crypto Army”  and obviously under the watch and guidance of the banking sector, and as consequence of this, crypto in general  seemed like a lost cause at that time.

• Here we have a list of the most important actions that Biden´s administration and the Federal Reserve, took towards banning crypto in the past months:
  
• A January 3, 2023, “Joint Statement on Crypto-Asset Risks to Banking Organizations” from the Federal Reserve, FDIC, and Office of the Comptroller of the Currency (OCC) noted that, “The events of the past year have been marked by significant volatility and the exposure of vulnerabilities in the crypto-asset sector. These events highlight a number of key risks associated with crypto-assets and crypto-asset sector participants that banking organizations should be aware of…”, effectively serving to dissuade financial institutions from taking on those risks.
  
• A White House “Roadmap to Mitigate Cryptocurrencies’ Risks” released on January 27, 2023, indicated that the Biden administration sees the proliferation of cryptocurrencies as a threat to the country’s financial system and warned against the prospect of granting cryptocurrencies more access to mainstream financial products.
  

• “As an administration, our focus is on continuing to ensure that cryptocurrencies cannot undermine financial stability, to protect investors, and to hold bad actors accountable”, per the roadmap. “Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets… It would be a grave mistake to enact legislation that reverses course and deepens the ties between cryptocurrencies and the broader financial system.”

• On February 7, 2023, the Federal Reserve pushed a rule to the Federal Register clarifying that the institution would “presumptively prohibit” state member banks from holding crypto assets as principal in any amount and that “issuing tokens on open, public, and/or decentralized networks, or similar systems is highly likely to be inconsistent with safe and sound banking practices”.(Section D of the Doc.)
  
• And on May 2, 2023, the Biden administration proposed a Digital Asset Mining Energy (DAME) excise tax, suggested as a way to force cryptocurrency mining operations to financially compensate the government for the “economic and environmental costs” of their practices with a 30% tax on the electricity they use.  
  
• For many, it’s clear that Operation Choke Point has been reinstated.

“‘Operation Choke Point 2.0’ refers to the coordinated effort by the Biden administration’s financial regulators to suffocate our domestic crypto economy by de-banking the industry and severing entrepreneurs from the capital necessary to invest here in America”, U.S. Senator Bill Hagerty, a member of the committees on banking and appropriations, told Bitcoin Magazine. “It appears that financial regulators have bought into the false narrative that cryptocurrency-focused businesses solely exist to facilitate or conduct illicit activities, and they seem blind to the opportunities for the potential innovations and new businesses that can be built.” (Nasdaq. com Sep 2023)

• 🇺🇸 Senator Bill Hagerty: Operation Chokepoint 2.0 is live and being targeted at taking out the cryptocurrency industry in America 👀😮(BitcoinNewsCom on X 10-Sep-2023)
  
• Senator Elizabeth Warren says what's happening now in cryptocurrencies is reminiscent of the Wild West and calls it an "environmental disaster"(@BloombergTV on X Jun-9-2021)
  
• Elizabeth Warren (@SenWarren) is Building an Anti-Crypto Army

Naturally, @sassal0x & @TrustlessState

has some feelings about that…

“This is actually going to be popular with her base, given that right now, a lot of people outside of crypto, don´t have a positive view about crypto” (@BanklessHQ on X Apr-8-2023)

• Washington, D.C. – United States Senators Elizabeth Warren (D-Mass.) announced an expanded coalition of Senate support for the bipartisan Digital Asset Anti-Money Laundering Act, which would mitigate the illicit finance risks that crypto poses by closing loopholes and bringing the digital asset ecosystem into greater compliance with the anti-money laundering and countering the financing of terrorism (AMF/CFT) frameworks that govern much of the financial system.
  
  “The Treasury Department is making clear that we need new laws to crack down on crypto’s use in enabling terrorist groups, rogue nations, drug lords, ransomware gangs, and fraudsters to launder billions in stolen funds, evade sanctions, fund illegal weapons programs, and profit from devastating cyberattacks,” said Senator Warren. “I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”  (E. Warren webpage Dec-11-2023)
  
• Amid the widespread fallout in crypto markets following the collapse of a major crypto exchange, The ECB Blog takes a look at where we stand with Bitcoin.
  

• Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimized. Similarly, the financial industry should be wary of the long-term damage of promoting Bitcoin investments - despite short-term profits they could make (even without their skin in the game). The negative impact on customer relations and the reputational damage to the entire industry could be enormous once Bitcoin investors will have made further losses. (“Bitcoin´s Last Stand” by Ulrich Bindseil and Jürgen Schaaf from the European Central Bank Blog Nov-30-2022)
  

• Some U.S. politicians, quoted or paraphrased this Blog post from the ECB in the hope of raising the concerns about crypto regulation, but also they give us the key to understand what is happening right now with the BTC and ETH spot ETFs already approved, do you see it now? Crypto is being legitimized by the U.S. regulators; At a very slow (or rapid?) pace, but it is happening. 
  

• Larry Fink BlackRock CEO
  

• A long time ago (speaking in crypto terms) but meaning 2017, 7 years ago, in the latest stages of that bull market  there was a statement that BlackRock CEO Larry Fink A.K.A. the largest money manager in the world, (more than 10 Trillion assets under management nowadays)  made on friday October 13, saying basically that BTC is (or was) simply an index for money laundering. That was stated around $BTC at $6000,  just right before its December 2017 peak at almost $20,000 per $BTC, meaning he (Larry) had almost no influence in crypto market sentiment at that time. That statement comes after some negative comments that Jamie Dimon, who is an influential American business executive (known for his role as the Chairman and Chief Executive Officer (CEO) of JPMorgan Chase, the largest of the big four American banks), made about crypto holders at that time.

• “Bitcoin just shows you how much demand for money laundering there is in the world,” Fink, the head of the largest asset management firm in the world, said at an Institute of International Finance meeting. “That’s all it is.”

Fink’s comments came right after JPMorgan Chase CEO Jamie Dimon called people who own the cryptocurrency “stupid.” Dimon’s comments came a day after he said during a post-earnings conference call that he’s “not going to talk about bitcoin anymore.” (CNBC OCT-13-2017)

• Investors should only consider cryptocurrencies such as bitcoin if they are prepared to lose everything, BlackRock Investment Institute said in its weekly report Monday.

“We see cryptocurrencies potentially becoming more widely used in the future as the markets mature. Yet for now we believe they should only be considered by those who can stomach potentially complete losses,” Richard Turnill, BlackRock’s global chief investment strategist, said in the note.

Turnill noted cryptocurrencies’ high volatility, fragmented markets and lack of regulation. “We don’t see them becoming part of mainstream investment portfolios soon,” he said, adding that their volatility makes U.S. stock market turbulence during the financial crisis “almost look placid.” (Evelyn Cheng from CNBC on Feb-2-2018)

• "We are a big student of blockchain," Fink said in an interview with Reuters. Adding that he doesn't see "huge demand for cryptocurrencies," the company has a working group studying it. (FoxBusiness Jul-16-2018)
  

• “But right now I can tell you that world wide I've not heard from one client who said ´I need to be in this´” (meaning BTC/Crypto) (Larry Fink on Bloomberg interview Jul-16-2018)
  

• It seems to be that Larry Fink took the orange pill at some point between 2018-2020 at the time when they disclose their $MSTR holdings, meaning indirectly investing in BTC. (more on this later) He suddenly became “optimistic” about Distributed Ledger Technology/Blockchain, thus the Institutional investments narrative was born. Personally I think, with other major names on investing like Stanley Druckenmiller, or Paul Tudor Jones, even Michael Sailor, advocating for BTC, that triggered Fink´s rush on BTC and/or its derivatives, he started to expand BlackRock´s tentacles onto any legally product related to BTC/Crypto that they could.
  
• MicroStrategy’s bet on Bitcoin has acted as a sign of massive institutional adoption in cryptocurrencies yet to come. In addition to the billion-dollar company’s purchase in Bitcoin. According to data from CNN Business, BlackRock Fund Advisors currently has a 15.24% stake in MicroStrategy, followed by the Vanguard Group, which holds an 11.72% stake. ” (Sarah Tran from Blockchain.News on Aug-14-2020)

                (StockZoa. com)

• Nevertheless, this chart above, shows us an older portfolio holding of $MSTR by BlackRock, pointing at some time of Dec 2016 holding  +1.6M shares of $MSTR, and from that period of time BlackRock had been SELLING $MSTR, even with the  appreciation of price on 2020-2021 when Michael Sailor entered BTC, and this sellings have happened until June 2023 when they actually start to fill up their bags again with more $MSTR shares, nowadays, that investments have paid great dividends to them. We can deduce by this, that  every mainstream chatter about $MSTR holdings by BlackRock on 2020-2021 was just some sort of manipulation or misinterpretation.
  

• Speaking during CNBC’s Squawk Box on Friday, BlackRock CIO of Fixed Income Rick Rieder responded to a question asking if governments might try to regulate bitcoin if its price keeps rallying.

• “I think cryptocurrency’s here to stay, I think it is … durable,” he said.

Alongside central banks developing digital currencies, millennials’ “receptivity” to technology and cryptocurrency “is real, digital payments systems is real,” Rieder said.

“Do I think it’s a durable mechanism that … could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around,” Rieder said.

The CIO balanced that by saying he’s not particularly a bitcoin bull and doesn’t include it much in business and corporate portfolios. Further, it’s not clear if bitcoin is worth its current price of over $18,000 price, he said. (CNBC Nov-30-2020)

• First Step, Start Trading BTC Futures.
  

• Prospectus documents filed with the U.S. Securities and Exchange Commission Wednesday indicate that BlackRock Global Allocation Fund Inc. and BlackRock Funds V are at least eyeing bitcoin. They both include the world's oldest cryptocurrency on their lists of derivative products cleared for use.
  The filings appear to mark BlackRock's entrance into the bitcoin market. (CoinDesk Jan-20-2021)
  

(Financial Times Oct-6-2021)

• “My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” Rieder said.

Despite bitcoin’s growing respectability as an asset class, Rieder said Wednesday that how much exposure an investor should have “depends on what the rest of your portfolio looks like.” (BlackRock CIO Rick Reider on CNBC Feb-17-2021)

• Second Step, Partnered with CoinBase.
  

• BlackRock partnered with Coinbase to make it easier for institutional clients to buy crypto. BlackRock's Aladdin network has over $21 trillion in assets under management (😱)

Coinbase stock soared this week after the news. (@Petergyang on X Aug-06-2022)

        (CoinBase Stock Chart allegedly from @Petergyang on X Aug-06-2022)

• So what happened in this partnership?

Blackrock has an investing platform called Aladdin. (“Asset, Liability, Debt and Derivative Investment Network,”)

This tool is used by some of the wealthiest people and companies in the world, to manage their investment portfolio 📊
In this partnership, Coinbase is integrating #crypto investing tools into that platform.

THIS IS MASSIVE - And it’s not just me who thinks so…
When this partnership was announced, Coinbase’s share price rose by over 30% in a single day! Eventually settling on a 15% increase.
We may be used to price movements like this, as though they are mild changes in the weather.

But in the traditional investing world, this is a GIGANTIC gain for a single day 🚀
Why this is a big deal:

1️⃣ - Blackrock used to be anti-crypto, now they’re diving in.

Just 5 years ago, the Blackrock CEO Larry Fink said:

“Bitcoin just shows you how much demand for money laundering there is in the world” Now the company is helping onboard large investors. (@AlexIsBuilding on X Aug-5-2022)

• BlackRock Blockchain Based ETF
  

• BlackRock has launched its blockchain ETF and labeled the segment a “megatrend” just days after competitor Fidelity brought to market a similar fund. “The expansion of our megatrends line-up today reflects the power of the millennial and rise of the self-directed investor, whose buying habits have reshaped mainstream consumer behaviors, and in turn, the companies in which they invest,” Rachel Aguirre, BlackRock’s head of US iShares product, said in a statement.

IBLC, which the firm filed for in January, seeks exposure to global companies at the forefront of the “development, innovation and utilization” of blockchain and crypto technologies, according to the company. It does not invest in cryptocurrencies directly. 

• $IBLC is here – our first-ever #blockchain and tech ETF giving investors access to companies at the forefront of the development, innovation and utilization of blockchain and crypto technologies. (@iShares on X Apr-27-22)
  
• Blockchain use cases reach far beyond cryptocurrency. The technology behind crypto has the potential to impact nearly every industry. $IBLC, the new iShares Blockchain and Tech #ETF is a convenient way to invest in the future. (@iShares on X Jun-30-2022)
  

• Next logical step before spot BTC ETF was BlackRock BTC iShares Trust
  

• While it is not a regulatory or operational requirement to launch a Bitcoin Trust before a Bitcoin ETF, doing so can offer BlackRock strategic benefits that may facilitate the subsequent launch of an ETF. BlackRock's approach with the Bitcoin Trust can be seen as a step towards gaining market experience and establishing a foothold in the cryptocurrency investment space, potentially easing the path for future ETF offerings.
  
• The world’s largest asset manager is angling to do something scores of its competitors have tried, and failed, to do: launch a spot bitcoin product in the US.

BlackRock, which managed $9.1 trillion in assets through March, outlined plans for its iShares Bitcoin Trust in a Thursday SEC filing.

Coinbase would serve as custodian of the trust’s bitcoin holdings, pending SEC approval of the product.
BlackRock partnered with Coinbase last August, connecting the fund group’s investment platform, Aladdin, with Coinbase Prime — extending crypto trading, custody, prime brokerage and reporting capabilities to BlackRock clients.

The planned product would use a bitcoin reference rate from CF Benchmarks, a Kraken subsidiary that collects price data from exchanges to consistently track spot pricing.
Fund issuers have tried for years to launch spot bitcoin ETFs in the US, to no avail. (Blockworks Jun-15-2023)

• JUST IN - $10 trillion BlackRock officially files for spot #Bitcoin ETF (@BicoinMagazine Jun-15-2023)
  

• Then things start to change with the BlackRock spot BTC ETF approval
  

• Why has Larry Fink become such an outspoken proponent of bitcoin recently? It's because Blackrock's Bitcoin ETF is one of the only individual products that could actually add $1 Trillion to their AUM. (@lylepratt on X Jun-14-2023)
  
• If Blackrock's spot ETF application gets approved, it is undeniable that Operation Chokepoint 2.0 was orchestrated to drive out crypto native companies and bring in large trpto. (@WClementeIII on X Jun-15-2023)aditional firms that are buddy-buddy with the US govt to try and control Bitcoin/cry
  
• BREAKING: BlackRock tells SEC it will seed its spot #Bitcoin ETF in October in preparation for approval.

576 ETF applications.

575 ETFs approved.

They know what they're doing... 👀 (@BTC_Archive Oct-23-2023)

• Fun fact: BlackRock's record of getting ETFs approved by the SEC is 575-1. That's another reason this is so big, they don't play around. (@EricBalchunas on X Jun-16-2023)
  

        (@ChadSteingraber on X)

• Bloomberg Intelligence analysts James Seyffart and Eric Balchunas said in a research note that BlackRock’s record for ETF application approvals stands at roughly 575-1. The one denial was for a nontransparent ETF in 2014 — a controversial structure at the time that, unlike traditional ETFs, don’t disclose their holdings daily. https://blockworks.co/news/blackrock-clout-bitcoin-etf-approval 

11 Spot Bitcoin ETFs got Approved

The regulator gave the green light to the following products:

ARK 21Shares Bitcoin ETF (ARKB)

Bitwise Bitcoin ETF (BITB)

Fidelity Wise Origin Bitcoin Trust (FBTC)

Franklin Bitcoin ETF (EZBC)

Grayscale Bitcoin Trust (GBTC)

Hashdex Bitcoin ETF (DEFI)

Invesco Galaxy Bitcoin ETF (BTCO)

iShares Bitcoin Trust (IBIT)

Valkyrie Bitcoin Fund (BRRR)

VanEck Bitcoin Trust (HODL)

WisdomTree Bitcoin Fund (BTCW)

It has been a long road for the approval of a spot bitcoin ETF in the United States. The journey began in 2013 when an entity affiliated with the Winklevoss twins sent the first application for such a financial product to the SEC.

While that application was eventually rejected, bitcoin ETFs based on futures products were eventually approved by the SEC starting in 2021. Up until now, a large number of spot-based bitcoin ETF applications had been rejected on the grounds that bitcoin's unregulated nature creates too much risk for investors. Crypto asset manager Grayscale eventually sued the SEC to force more clarity on the matter.

However, it was Blackrock's (BLK) application for a spot bitcoin product in June last year that gathered momentum behind the idea. (they just pulled some strings behind the scenes, or just took a step on the scene and said “I want this” imo) As the investment giant from traditional finance stepped into the arena, many others such as Fidelity and Franklin Templeton followed suit. This was seen as a sign that regulatory approval was on the way due to the firms' pivotal role in the U.S. financial system. (Kyle Torpey from Investopedia Jan-10.2024)

• 2023 Blackrock Recap from Bitcoin Scoop 
  $10 trillion asset manager BlackRock officially files for a Spot Bitcoin & Ethereum ETF.• BlackRock CEO says crypto is digital gold and "Bitcoin is an international asset." BlackRock names JPMorgan (prominent BTC hater) as an authorized participant for its Spot Bitcoin ETF. (@Bitcoin_scoop on X Jan-1-2024)
  

• SAB121
  

• The New Crypto Bill Explained 🧵 #SAB121

🚨 Congress has passed a landmark bill overturning SEC's SAB 121! This is a major step for the crypto world. Let's dive into what this means. 👇

📖What is SAB 121? Introduced by the SEC, SAB 121 required financial institutions to record crypto assets as liabilities on their balance sheets. This move was aimed at bringing more transparency to crypto holdings.

🔍 The Controversy: Many financial institutions criticized SAB 121 for placing heavy financial burdens on them, arguing that it made offering crypto custody services prohibitively expensive.

💡 Key Changes: The new legislation overturns SAB 121, allowing entities to recognize crypto assets at fair value without listing them as liabilities. This could potentially lower costs and encourage more institutions to offer crypto services.

🌟 Supporters of the Bill: Major advocates for the bill include Senator @SenLummis and House Financial Services Committee Chair @PatrickMcHenry

. They argue this move supports financial innovation and counters regulatory overreach.

🏛️ Presidential Opposition: Despite congressional support, President Biden has threatened to veto the bill. (he did veto the bill) The administration expresses concerns that this could reduce the SEC’s ability to ensure financial stability and market transparency.

📈 Impact on the Market: Reversing SAB 121 could significantly boost the crypto market by reducing operational barriers for financial institutions. This might lead to increased adoption and integration of crypto services in traditional finance.

🏦 Industry Reactions: The response from the industry has been mixed. While some see this as a progressive step towards mainstream crypto adoption, others worry about the potential risks and lack of stringent oversight.

🔮 Looking Ahead: This bill sets a precedent for future crypto regulation in the economic U.S. The ongoing debate highlights the balancing act between innovation and regulation. (InvezzPortal on X May-24-2024)

• Just wanna make sure I follow:

The SEC’s authority is limited by what it is explicitly granted by Congress.

SEC releases “guidance” via #SAB121. Congress (w bipartisan support) determines SAB121 exceeds the authority granted to the SEC and votes to repeal it.

The bill is vetoed, citing fear of “undercutting the SEC’s broader authorities…” that only Congress may grant.

ok (@Phillypretz on X in response to Jessie´s post below May-31-2024)

• Incredibly disappointed to see @JoeBiden veto HR109 it's time for the democratic party to wake the f*ck up.

The onchain economy helps small businesses, creates jobs, grows creator earnings, and increases freedom across the US (and the world).

join us or get out of our way. (@JessiePollak on X May-31-2024)

• FIT21
  

• On July 20, 2023, Chairman Glenn “GT” Thompson, Rep. French Hill, Rep. Dusty Johnson, Whip Tom Emmer, and Rep. Warren Davidson introduced H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21). Chairman Patrick McHenry is a cosponsor of the legislation.

FIT21 establishes clear and functional federal requirements over digital asset markets. It provides the robust consumer protections and regulatory clarity necessary for the digital asset ecosystem to thrive in the U.S.—cementing American leadership of the global financial system of the future while reinforcing our role as a hub for innovation.

The legislation provides the Commodity Futures Trading Commission (CFTC) with new jurisdiction over digital commodities and clarifies the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets offered as part of an investment contract. Additionally, the bill establishes a process to permit the secondary market trading of digital commodities if they were initially offered as part of an investment contract. Finally, H.R. 4763 imposes comprehensive customer disclosure, asset safeguarding, and operational requirements on all entities required to be registered with the CFTC and/or the SEC.(U.S. Comitee of Financial Services May-22-2024)

• Today, the U.S. House of Representatives passed H.R. 4763, the “Financial Innovation and Technology for the 21st Century Act,” in a watershed moment for the U.S. digital asset ecosystem. FIT21 provides the robust, time-tested consumer protections and regulatory certainty necessary to allow digital asset innovation to flourish in the United States.

“Today, the House took a historic step by passing FIT21 with broad, bipartisan support,” said Chairman Patrick McHenry (NC-10). “FIT21 provides the regulatory clarity and robust consumer protections necessary for the digital asset ecosystem to thrive in the United States. The bill also ensures America leads the financial system of the future and remains a hub for technological innovation. I appreciate the partnership of Chairman Thompson, as well as Congressmen French Hill and Dusty Johnson. This landmark initiative would not be possible without their steadfast leadership. The overwhelming support for FIT21 in the House should serve as a wakeup call to the Senate and this Administration. They must come to the table to ensure the Americans who engage with digital assets can do so safely.”

(U.S. Comitee of Financial Services May-22-2024)

• Even though 1 of these 2 major legislations got vetoed by Biden just recently, both of them surely mark an unprecedented pivot on U.S. agencies towards Crypto adoption, both of them getting bipartisan support on the House of Representatives and/or the Senate, also, the presidential race and some Donald Trump's recent comments, finally the opening of crypto donations from both parties, strongly support the theory that BTC/Crypto is being legitimized as a first class Asset, and it all seems to be thanks to Larry Fink´s ambition/desire. 
  

• Then the SEC got pressured to pass ETH spot ETF.
  

• The U.S. Securities and Exchange Commission (SEC) confirmed yesterday it has approved critical rule changes to allow for exchange-traded funds holding Ethereum’s native token, ETH. A lot of people were caught off guard, considering that just last week nearly everyone – from Bloomberg analysts to prediction markets – thought it was a lost cause. (CoinDesk May-20-2024)
  
• "Michael Sonneshein, Grayscale’s CEO, said he is optimistic that the SEC will approve the firm’s application to convert its Ethereum trust to a spot ETF"

very optimistic @EricBalchunas @JSeyff (@Leovu021 on X May-9-2024)

• Uh, disagree. We are as pessimistic as ever. I mean at some point it could happen, but not within a year IMO. What they say in denial and the Nov election are big variables that could fine tune the outlook tho. Btw he also said they withdrew the '33 Act Ether Futures ETF bc they wanted to focus on spot. Well the only reason to file that under 33 act (vs 40 Act) was to provide opening for lawsuit. Withdrawal is shutting door for anyone to sue basically. (As I predicted they are prob not interested in footing the bill again just to give BlackRock a monster hit ETF and while taking a bunch of crap from ppl on here bc of unlock outflows. Can you blame them?) (@EricBalchunas on X May-9-2024)
  
• It never really made sense to me why SEC Chairman Gary Gensler would hold out on approving these spot ETH products, considering how the agency was embarrassed during its proactive fight over listing bitcoin ETFs.
  This time around, the SEC’s decision seems just as arbitrary, just in the opposite direction. In an interview with CoinDesk’s Jesse Hamilton hours before the approval became public, Gensler said he’d follow “how the courts interpret the law” and that the “DC Circuit took a different view, and we took that into consideration and pivoted.”  (CoinDesk May-20-2024)
  
• BREAKING: SEVERAL U.S. LAWMAKERS SENT LETTER TO GARY GENSLER URGING HIM TO APPROVE THE LAUNCH OF SPOT $ETH ETFS (@DegenerateNews on X May-23-2024)

(@DegenerateNews on X May-23-2024)

• As many have already noted, it appears there has been a seachange regarding crypto’s regulatory situation. On Thursday, the House took a historic vote to approve the most substantive piece of crypto-specific legislation to date. This came on the heels of both the upper and lower houses of Congress voting to repeal a controversial SEC crypto custody accounting rule.
  

With significant participation from Democrats in both bills, it appears that the U.S. government’s long war on crypto is nearing an end. Notably, President Biden announced that he wouldn’t veto the crypto market structure bill, FIT21, which the White House officially opposes – a pretty major concession.

It’s possible that all these events on the Hill acted like a temperature check, and helped convince Gensler that his approach to crypto was becoming a political hazard.  Afterall, former President Donald Trump did just announce his support for crypto in a big way – and denying ETH ETFs on the basis, purportedly, that the SEC wasn’t having “productive” meetings with applicants would be great ammunition. (CoinDesk May-20-2024)

• He is a Puppet Master, do not doubt him.
  

• Given its size and market influence, BlackRock, or in this case Larry Fink may have potentially changed the political environment regarding crypto at his convenience, with his public statements and disclosures about how BlackRock moves towards crypto adoption. Because willingly or not, big whales like him are always an aspirational figure, and every move they make and every word they say is being put under great scrutiny and study.
  We know that he offers financial advice to presidential figures, and holds the heaviest bags among big companies like entire international banks, Santander for example, with that amount of power and decision taking just on one man, and as we are seeing right now he is putting great stakes on his tokenized vision of the world, may be he just needs to step on the stage and show interest on whatever he's looking for, then suddenly things start to change on his favor.  
  
• But Fink has a lot of credibility: He's both a great investor and a CEO with his own profit pressures, and that commands a lot of respect in the business world. Which is not to say his ideas are universally accepted. (Ian Salisbury from Money. com Feb-11-2016)
  
• All told, the full integration (between BlackRock and Barclays Global Investment event that marked a huge step in BlackRock´s growth) took about three difficult years. Insiders estimate that well over half of BGI’s top executives were fired or left over the period. “It was an extraordinary exercise in the Machiavellian method,” observes one former BGI executive. “The prince [Fink] needed all the barons to commit to total loyalty, and basically killed off all the barons that wouldn’t do so.”

• Early last year, Fink announced that BlackRock would put sustainability at the heart of its investment decisions, embracing the industry trend of taking environmental, social and governance (ESG) issues into account. But for those on the left, BlackRock’s vows didn’t go far enough. Even BlackRock’s own former sustainability chief, Tariq Fancy, has lambasted the ESG trend as “marketing ­gobbledegook”. Fancy argues that efforts such as BlackRock’s are actually harmful, as they distract from the real work needed to address the climate crisis. (Financial Times Oct-6-2021)
  
• I think this Illustrates that when Fink is poised to spread a narrative just for the sake of his investments to thrive, like the ESG narrative was pushed by him personally over the enterprises he own, urging to many companies to make “more” than just “gains”, at the point that he's even contradicting the underlying narrative, even his ex employees are pointing their efforts as actually harmful.

• What is the next step for Larry Fink regarding Crypto?
  

• As it was stated before by Fink himself, BlackRock would put sustainability at the heart of its investment decisions, along with Real World Assets, and their “Tokenization”. These three could be the next big move for BlackRock investments, and knowing so, Can we get ahead of the curve?
  

• Tokenization
  

• Next wave of RWA szn should start soon IMO

Larry Fink literally went live on national TV, not just once or twice but several times, to say that tokenization is the ultimate end goal for their ETF moves

he'll likely dial in on that narrative post ETH ETF approval

“I see value in having an ETH ETF… as they said, these are just stepping stones towards tokenization”  -Larry Fink  (@theunipcs on X May-21-2024)

• Blackrock and Citadel are planning to launch a new stock exchange in Texas.

Here is Blackrock CEO Larry Fink talking about how every bond and stock will be tokenized. Could this new exchange pilot his tokenization plans? (@CountonSheep on X Jun-5-2024)

• BlackRock today unveils its first tokenized fund issued on a public blockchain, the BlackRock USD Institutional Digital Liquidity Fund ("BUIDL" or the "Fund"). BUIDL will provide qualified investors with the opportunity to earn U.S. dollar yields by subscribing to the Fund through Securitize Markets, LLC.
  
  "This is the latest progression of our digital assets strategy," said Robert Mitchnick, BlackRock’s Head of Digital Assets. "We are focused on developing solutions in the digital assets space that help solve real problems for our clients, and we are excited to work with Securitize."
  

"Tokenization of securities could fundamentally transform capital markets. Today’s news demonstrates that traditional financial products are being made more accessible through digitization. Securitize is proud to be BlackRock’s transfer agent, tokenization platform and placement agent of choice in digitizing and expanding access to its investment products," said Securitize co-founder and CEO Carlos Domingo. (Yahoo Finance Mar-20-2024)

• Asset management company BlackRock is launching a tokenized digital asset fund, a new SEC filing on Tuesday shows. In turn, BlackRock seeded the fund by depositing $100 million in USDC stablecoin on the Ethereum Network.
  
  The BlackRock USD Institutional Digital Liquidity Fund was incorporated in the British Virgin Islands and will be launched in partnership with Securitize, a tokenization firm. According to wallet data from Etherscan, BlackRock deposited Circle’s USDC stablecoin into a wallet on the Ethereum Network. (watcher.guru Mar-19-2024)
  
• Securitize is teaming with a protocol called Tinlake from Centrifuge, which uses a clever system of NFTs to put real-world assets into DeFi.
  
  Digital securities, like their traditional counterparts, are regulated and have several control mechanisms that must be enforced. All securities, whether private or public require know-your-customer (KYC) identification of the person buying them, as well as mandatory investor qualification to determine which type of investor they are (retail or accredited, depending on the rules of their local jurisdictions).
  
  That’s where Securitize comes in. Focused on smoothing the fragmented world of private securities trading, the firm has been honing its approach to identifying the owners of assets and the regulated peer-to-peer transfer of private security tokens. As such, the system is already 90% of the way to DeFi composability, said Securitize CEO Carlos Domingo.
  
  DeFi protocols often operate pseudonymous liquidity pools powered by automated smart contracts. The Securitize Tinlake integration, by contrast, will be strictly for wallets that are associated with Securitize ID, so that the person on either side of a trade is known, said Domingo.
  
  Tinlake’s smart contracts pool together NFTs that represent real-world assets. For instance, one pool could be dedicated to invoices that might be used in a trade finance scenario, that are then used as collateral to finance loans in stablecoins like DAI or USDC. (CoinDesk Oct-12-2020)
  
• Securitize and Centrifuge, both protocols deserve a deep dive on each one.
  

• Real World Assets (RWA)
  

• We all know about $ONDO and its partnership with BlackRock, which indeed is leading the retail RWA narrative as $ONDO has been in a huge uptrend recently, and it seems that it is determined to still going up before next year unlocks but…

• … If we dig a little more on RWAs we could find that there is this Pitchtalk platform, that aims to:
  
  
  “Bridging the gap between Startups and Investors. New approach in fundraising and access to VCs.”
  PitchTalk is at the forefront of revolutionizing web3 funding. Our platform seamlessly connects innovative web3 projects with strategic investors, empowering both to succeed in the fast-evolving digital landscape. (Pitchtalk web)
  
• On February 15 2024, there was this event called “RWA DemoDay” in which “10 RWA startups were able to pitch their vision and potential while showcasing a Demo” 
  these are the 10 startups, and their speakers:
  

• Tokeny Solutions - Ivie Satijn
• Kasu Finance - Leon Ploubidis
• IX Swap - Julian Kwan
• YieldBricks - Alen Dolsak
• Brickken - Edwin Mata
• Ample - Kenny Johns
• IOTEX - Giuseppe Luca
• Mattereum - Vinay Gupta
• Penomo Protocol - Jasvir Dhillon
• LENDR Network - Nathaji Metivier
  

• Maybe we can get ahead of the curve, Keeping an eye on these events and projects, where surely we could find some very interesting protocols and projects. Also they ranked each project after the pitch of course, based on votes from judges and partners.
  
• #1 Tokeny Solutions with 168 votes : The Compliance Infrastructure for Digital Assets. Realize fast onboarding, cost-efficient management, and rapid transferability of real-world assets.
  
• #2 Ample with 125 votes: Ample is a seed stage media and intellectual property protocol building the gateways and rails to decentralize the $2.8T global media, entertainment and creator economies.
  
• #3 Brickken-Tokenization made it simple: with 122 votes: Brickken's Token Suite streamlines (RWA) the tokenization of Real World Assets , offering tools for asset creation, management, and global market access. It supports crypto and fiat currencies, ensures KYC compliance, and enables instant blockchain deployment. The platform also features advanced on-chain management tools for earnings distribution, analytics, and treasury management. (Pitchtalk RWAs)
  
  

(Pitchtalk RWAs)

• We may say, but votes from who? who are the judges and partners, well guess who turns out to be on the first place of the list?
  Larry “The Prince” Fink´s titan, BlackRock. As long as Chainlink, Consensys, Messari, Hacken, Polkastarter, Polymesh N., Linea, Solana Foundation, API3 and many other big names in the space.

• 
  
  

• SAFc´s Sustainable Aviation Fuel certificates. 
  

• For years, aviation has been one of the many sectors subject to growing calls for increased environmental stewardship and sustainable leadership. It comes as no surprise that investors and corporations have been driving this pressure, given that the global aviation sector produces 750 million tons of CO2 from the jet fuel burnt each year. The impact is especially problematic at the business level, where organizations driving a carbon reduction agenda are burdened with a significant Scope 3 emissions footprint from corporate travel. In this article, we’ll unpack the recently announced Sustainable Aviation Fuel certificates (SAFc) framework, including the benefits to companies and the aviation sector, plus what the roadmap for SAF certificates looks like over the next two years.
  
  Companies seeking ways to reduce their carbon footprint and emissions associated with corporate travel will welcome the SAFc framework developed through the World Economic Forum’s Clean Skies for Tomorrow initiative, (this initiative designed in collaboration with RMI more on this later) which will allow organizations to claim sustainable aviation fuel emissions reductions if they elect to shoulder the increased cost of the SAF.
  
  The rapid rate at which the SAFc framework is being formed is also apparent in the “demand signals” shown through the partnerships forged between Clean Skies for Tomorrow and corporations such as Deloitte, United Airlines, Microsoft, Boeing and BlackRock who are set to pilot the SAFc model. It is a rapidly moving initiative that aims to have the system globally adopted and internationally recognized in three years’ time. (IBM blog Sep-2-2021)
  
• As a part of its operational sustainability strategy, BlackRock supports nascent market solutions, such as SAF and carbon dioxide removal, to enable them to scale while also acknowledging that these purchases do not replace reducing the firm’s operational emissions. BlackRock does not solely rely on purchases of these market solutions to reach its emissions reduction goals but recognizes that investment in these solutions is supplemental to its strategy which is focused on avoiding and reducing operational emissions first.
  
  In 2022, BlackRock established a bookand-claim program and made a purchase of SAFc. In doing so, BlackRock supports the development of SAF as a near term lever and leading decarbonization solution for aviation emissions. In 2022, the firm purchased an estimated 234,000 gallons of neat SAFc, and in 2023,58 BlackRock continued to procure SAFc through its program. (BlackRock´s 2023 TCFD report)
  
• But what about all of this, it doesn't seem to be linked to crypto, but let's take a deeper look.
  

• “The SAFc framework, and this report, is the product of generative ideation and refinement facilitated by the World Economic Forum, PwC Netherlands and RMI.” Page-4

•  But who is RMI or Rocky Mountain Institute for that matter?
  
• In early 2017, RMI partnered with European blockchain developer Grid Singularity to cofound the Energy Web Foundation (EWF) (Energy Web Token). Since then, EWF has unwaveringly focused on two major outcomes: a) build a blockchain platform specifically tailored to the performance and regulatory requirements of the energy sector, and b) foster a global ecosystem of utilities, grid operators, startups, regulators and other energy companies that would establish the network and serve as its early adopters.

Why? Because we believe blockchain technology is a crucial enabler for accelerating the low-carbon, distributed electricity future RMI has been working toward since 1982. (RMI web Jun-19-2019)

• RMI and Energy Web Foundation today announced that they will build a digital registry for sustainable aviation fuel (SAF) certificates that will bring more transparency to emissions reduction claims about air travel. The registry will also support and accelerate the deployment of sustainable aviation fuels that drastically reduce lifecycle emissions from air transport. (RMI press release Nov-16-2022)

• And taking a look on the light paper of “An introduction to Energy Web X” we could find this:
  
• Sustainable Aviation Fuel or SAF, and Sustainably produced Bitcoin.

        “An introduction to Energy Web X”page-5

• To put this all together, I think based on speculation, that we are seeing here a great use case with this international and multi-enterprise framework initiative, that leverages the use of blockchain projects, particularly this one Created by the Energy Web Foundation/RMI, and its new feature, the “Worker nodes” and because EWF is focused on develop tailored blockchain solutions for enterprises, maybe we could get ahead of the curve just stacking some EWT, before this becomes a standard on decarbonization business requirements,  just in case.  
  

• Final Thoughts
  

• Only 18 months ago, after the fallout of FTX, most people thought crypto was dead.

Today, the reality is:

1. FTX users will get 100% recovery

2. The BTC and ETH spot ETFs have been approved

3. Large financial institutions are actively investing in crypto

4. Crypto has become a key debate in the US presidential elections

If you are still not bullish on crypto, you need to get your head checked. (@SpartanBlack_1 on X May-25-2024)

• Larry Fink as the CEO of BlackRock naturally grants him with significant influence over financial markets, he has been really aware of the role that technology has on financial markets (and daily life for that matter) since early on in his career. and this time it's not gonna be otherwise, with all the power that comes with his position as the largest asset manager in the world, it is obvious that he is going to drive the next financial market shift to digitalization/tokenization. And as this document has proved, he is most likely utilizing ETH as that base tokenization layer, as this could be his legacy to the world, the tokenization of Traditional Finance, and the legitimation of BTC as a first class asset. He has the technology needed, the power, the influence, the money and the institution's weight, for achieving that task. Even though BlackRock it is not officially designated as a “SIFI'' which is a Systemically Important Financial Institution,  which means, “Too big to Fail” it is obvious that being the largest asset manager in the world, just by that, it makes BlackRock a “SIFI” even if  they do not hold, just manage that huge quantity of assets. But don't worry. Its size, market influence and interconnectedness, makes BlackRock the perfect player for such great game, the tokenization of the world, or just the financial one, we will see; Maybe we just need to listen at what he is talking about publicly, and look at how deep his tentacles reach, and maybe if we make the right moves, eventually we could just sit on our bags and let Larry “The Prince'' change the world, because remember, BlackRock never lose.