The Securities and Exchange Commission (SEC) of the United States has reached an agreement with BlackRock.
The Securities and Exchange Commission (SEC) of the United States has reached an agreement with BlackRock, fining the financial firm $2.5 million for improperly describing its investments in the entertainment business. The allegations come as the SEC prepares to assess BlackRock's application for a spot Bitcoin exchange-traded fund (ETF).
The deal was reached without BlackRock, the world's largest investment manager, acknowledging or rejecting the charges. According to the SEC, BlackRock's Multi-Sector Income Trust (BIT) invested in film firm Aviron Group, LLC between 2015 and 2019, but misrepresented it as a "Diversified Financial Services" company.
The anticipation surrounding a potential Bitcoin ETF approval has pushed the price of Bitcoin higher, with the price of Bitcoin (BTC) surpassing $35,000 momentarily. Additional capital inflows into the crypto market are expected if the ETFs are approved.
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