Shocking news, but at this point,it's not really shocking at all. Its expected. While your favorite crypto companies like Ripple,XRP Libre, Coinbase,Kraken,and all the other good actors were getting unjustly attacked by the SEC,BlackRock just paid a $2.5 million fine pretty silently.
The SEC charged BlackRock for failing to properly disclose investments that make up a large portion of a publicly traded fund they advise for.
Between 2015 and 2019,BlackRock's multi-sector income trust made investments through a large lending facility in Avron Group.Avron is a company that developed print and advertising plans.In many of its BIT annual reports that were publicly available to investors and fought with the SEC,BlackRock inaccurately described Avron as a diversified financial services company.Again, diversified financial services is probably key here.
Anyways,BlackRock did not admit or deny the SEC's findings.They just agreed to pay a $2.5 million.BlackRock is worth $90.4 billion and they have $8.594 trillion under management AUM.Ripple has paid over $100 million in legal fees to spending themselves and the entire crypto industry. In libre ,one of the oldest and most used Web3 decentralized media platforms, business was not only destroyed. because they were forced to file for Chapter 11 bankruptcy, but they were initially forced to pay the SEC $22 million in penalties,but the amount was eventually dropped down to $111,000.Also keep in mind the likes of Celsius Voyager.
FTX, and other bad actors in Crypto Ran.You see how there are rules for specific people,but not for others.All the SEC needs to do is give us some sort of clear guidelines so we can operate in a safe environment.Retail can be protected,and the bad guys can kind of get in trouble,but that's not the way that it works.And again,this fine was all the way from 2015 to 2020.And it seems that they are really prejudiced against crypto companies.And when they talk about financial inclusion,those types of things,that's just another marketing ploy to make you think that traditional finance and these predatory people care about you,because they don't.
The BlackRock Bitcoin Spot ETF is just a way for them to weasel their way into our industry and continue to profit against us.set alerts.
