Bitcoin Whale BlackRock Set to Clash With 'Digital Currency President' Trump After Inauguration

BlackRock, the largest asset management company on the planet with $11.5 trillion, is about to face off against Donald Trump, who is set to be re-elected with a crypto currency policy program. The Trump administration promised to turn it into the cornerstone of the United States economic strategy. Meanwhile, BlackRock, a company holding over half a million Bitcoins worth $52.81 billion through iShares Bitcoin Trust (IBIT), is also grappling with close regulatory oversight. The Federal Deposit Insurance Corporation (FDIC) did not go easy on BlackRock. What about Trump's big Bitcoin plans? Just say they don't help Larry Fink. But now, at least BlackRock is a Bitcoin whale. BlackRock versus FDIC This is what's happening with FDIC. BlackRock was expected to meet the deadline of January 10th to address concerns about its impact on US banks. However, they did not do so. Instead, they requested more time - until March 31st - to consider a proposed agreement, stating that they need at least two more months. FDIC doesn't believe that. The agency not only refused to extend, but also made more demands. They want more transparency on how BlackRock makes decisions and detailed information on their bank holdings. If BlackRock does not act quickly, things could get worse and faster. Familiar sources with the issue say the FDIC could issue a summons order or take other mandatory actions to force the company to comply. This is not a small dispute. The enormous scale of BlackRock, combined with massive stakes in banks, has led some regulatory bodies to worry that the company may have excessive control over the financial system. Jonathan McKernan, a board member of the FDIC under the Republican Party, and Rohit Chopra, the head of the Consumer Financial Protection Bureau under the Democratic Party, both called for tighter supervision of large asset managers. Their main argument is that BlackRock could influence the operations of banks, making them less independent. So far, the BlackRock defense team still believes that the FDIC's demands are destructive, arguing that the new regulations could destroy index funds - one of the company's core services - and make banks more difficult to raise cash. The company also stated that the FDIC needs to coordinate efforts with the Federal Reserve, the agency currently overseeing the company's operations through a passive agreement. Trump's Bitcoin Play Trump, along with Bitcoin supporters like Senator Cynthia Lummis, is promoting the United States' Bitcoin Reserve Strategy. Here's the plan: Senator Lummis has proposed a bill for the US Department of the Treasury and the Federal Reserve to buy 1 million Bitcoin over the next five years. That is 200,000 Bitcoins per year, accounting for about 5% of the global total supply. The goal? Reduce the dependence of the United States on traditional financial systems and keep up with competitors like China and Russia. Dennis Porter, co-founder of the Satoshi Act Fund, has revealed the details. Some of this reserve will come from Bitcoin seized in criminal investigations, helping the government have a smooth start. Trump's team believes that this reserve can help stabilize the dollar while addressing the US's massive national debt of 36 trillion dollars. BlackRock, despite holding a massive amount of Bitcoin, does not share the same view. The company has become a focal point for other reasons, such as withdrawing from the Net Zero Asset Management Initiative (NZAMI). BlackRock withdrew from NZAMI on January 11, under pressure from Republican-led states dissatisfied with the company's climate-focused investments. The company states that it will continue to assess climate risks in its investment strategies, but this decision highlights the political tensions forcing the company to adapt. DYOR! #Write2Earn #Write&Earn $BTC {spot}(BTCUSDT)