The BlackRock CEO discussed the role of ETFs for cryptocurrencies on CNBC's 'Squawk on the Street.'
The Securities and Exchange Commission has previously rejected dozens of applications for similar funds, but BlackRock's involvement and the proposed surveillance sharing agreement in the filing is seen by many in the crypto industry as a sign that momentum is shifting.
"We are working with our regulators because, as in any new market, if BlackRock's name is going to be on it, we're going to make sure that it's safe and sound and protected," Fink said.that the popularity of digital currencies was do in large part to money laundering. However, interest from clients and the high cost of transactions motivated BlackRock to take a closer look at entering the space, Fink said. He also added that crypto can serve a diversification role in investor portfolios.
"It has a differentiating value versus other asset classes, but more importantly, because it's so international it's going to transcend any one currency," Fink said. The CEO declined to discuss the spot bitcoin ETF directly, saying he is prohibited from doing so while the filing is with the SEC.
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