Even if ETH is classified as a 'security,' it's not a problem?

Ritu77

When asked if the US SEC might classify Ethereum as a security, Larry Fink remarked, "I think such a classification wouldn't necessarily cause too much impact." The CEO of fund giant BlackRock indicated that even if the US Securities and Exchange Commission (SEC) were to classify Ethereum as a "security," leading to stricter regulation of the second-largest cryptocurrency, it is still likely that an Ethereum spot ETF could be launched.

BlackRock successfully launched a Bitcoin spot ETF in January this year, attracting significant investor interest. When Larry Fink was asked in an interview with Fox Business on Wednesday if BlackRock would still launch an Ethereum spot ETF if Ethereum were classified as a security, he replied, "I believe we would."

Regarding the possibility of the US SEC classifying Ethereum as a security, Larry Fink declined to comment further, adding, "But I think such a classification wouldn't necessarily cause too much impact."

Earlier reports suggested that the US SEC was attempting to classify Ethereum as a security, even issuing subpoenas to several companies to provide communications and financial records related to the Ethereum Foundation.

This news raised concerns within the cryptocurrency community, fearing that the timeline for approving Ethereum spot ETFs could be affected. However, Larry Fink's optimistic demeanor instills confidence in the market.

Currently, there are eight fund companies, including BlackRock, Fidelity, and Grayscale, applying to the US SEC to launch Ethereum spot ETFs. The final approval deadline is around May 23rd. However, industry experts predict that regardless of the SEC's classification of Ethereum, these applications are unlikely to be approved.

BlackRock is also one of the issuers of the existing 11 Bitcoin spot ETFs in the US market. Its "iShares Bitcoin Fund (IBIT)" saw its assets under management skyrocket to over $15 billion within just two and a half months of listing.

Larry Fink mentioned during the interview, "IBIT is the fastest-growing ETF in history," and "I am very bullish on the long-term prospects of Bitcoin. We are creating a market with greater liquidity and transparency, and I am surprised by this, something I had never anticipated before."

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