BlackRock Files SEC Application for Blockchain Share Class – Coincu
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Key Points: BlackRock applies for blockchain-based share class Collaboration with Bank of New York Mellon Potential influence on regulatory standards BlackRock Proposes Blockchain-Based Share Class for Treasury Fund BlackRock, a major global asset manager, has submitted an application to the U.S. Securities and Exchange Commission intending to create a blockchain-based share class for the BlackRock BLF Treasury Trust Fund. These developments involve BLF’s strategy to leverage blockchain for funds investing in short-term U.S. Treasury securities. The share class, labeled as DLT (Distributed Ledger Technology), will record stock ownership using blockchain technology, specifically through collaboration with Bank of New York Mellon (BNY). BNY intends to maintain a mirror record of client stock ownership, potentially streamlining fund operations. The introduction of a blockchain-based share class by BlackRock represents a significant shift in how asset managers utilize blockchain in financial operations. The move could lead the way for other asset managers, influencing regulatory standards and technological integration in fund management. Using blockchain for stock ownership could improve transparency and security in financial transactions. Market reactions have been swift and include both curiosity and caution. Financial analysts and crypto enthusiasts are monitoring how the U.S. Securities and Exchange Commission will respond. While the crypto market shows keen interest, regulatory approval remains critical. Industry leaders await further comments from BlackRock on projected operational outcomes. Historical Significance and Expert Insights on Blockchain Integration Did you know? The utilization of distributed ledger technology in financial operations could echo similar transformations seen when digital transactions became mainstream, potentially setting new standards in the industry. BlackRock’s endeavor to secure SEC approval for a blockchain-based share class marks an innovative approach in the evolving financial landscape. Historically, incorporating tech advancements has led to progressive changes in market operations. News of the application has propelled discussions regarding potential regulatory shifts, influencing…
