SEC Fines BlackRock $2.5 Million for Misrepresenting Investments Ahead of Bitcoin ETF Decision
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SEC fines BlackRock $2.5 million for inaccurately describing investments in film company Aviron as "diversified financial services".
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BlackRock also falsely claimed Aviron paid a higher interest rate than was actually the case.
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The charges come as the industry awaits the SEC's decision on BlackRock's Bitcoin ETF application, the first of its kind.
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Approval of a Bitcoin ETF could lead to an influx of capital into crypto markets.
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BlackRock is the world's largest asset manager and its ETF application is seen as having a strong chance of approval.