SEC fines BlackRock $2.5M for incorrect investment disclosures

October 25, 2023 06:49 AM PDT | By Invezz

SEC fines BlackRock $2.5M for incorrect investment disclosures — Image source: Invezz

SEC charges against BlackRock

The Securities & Exchange Commission revealed that BlackRock Income Trust (BIT) invested in marketing Aviron Group firm massively between 2015 & 2019. Regulators stated that the asset manager mistakenly called Aviron a Diversified Financial Services provider in the semi-yearly and yearly reports offered to BITC investors.

Moreover, the SEC asserted that BlackRock presented Aviron’s interest rate higher than the actual figures. Nonetheless, the financial company realized the misinformation in 2019 and has been mending details about the Aviron investment since.

Meanwhile, the SEC’s latest allegation emerged after experts discovered the spot BTC ETF listed on the Depository Trust and Clearing Corporation, indicating an upcoming exchange-traded fund authorization by the watchdog.

SEC’s Bitcoin ETF stance

Meanwhile, the SEC has declined Bitcoin exchange-traded fund applications over the past decade, citing market manipulation within the digital assets industry, which was evident when Bitcoin pumped and slumped following fake ETF approval news.

Nonetheless, market experts trust BlackRock will change this narrative, considering its position within the financial world and its almost-perfect ETF application record. Rumors of an imminent approval of BlackRock’s spot BTC ETF have dominated the marketplace over the past few months.

Santa was looking at potential approval date of BlackRock's $BTC spot ETF:

Worst-case scenario: Feb 2024
Best-case scenario: August 2023

There's also a possibility the SEC rejected the proposal obv, but this is unlikely give the institutional interest in #BTC lately… 👀🤝 pic.twitter.com/vzUeYgGRGj

— Crypto Santa (@Blockchainsanta) June 23, 2023

Bitcoin ETF and crypto markets

Cryptocurrency proponents believe a Bitcoin ETF might see massive cash flowing into the digital assets industry. That will see the bellwether crypto triggering a broad-based rally to record heights.

Bitcoin price changed hands at $34,554.09 at press time, gaining 0.31% and over 20% over the last day and week, respectively. The asset retains a bullish stance and seems ready to extend its upsides.

The post SEC fines BlackRock $2.5M for incorrect investment disclosures appeared first on Invezz

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