BlackRock Accused of Being Part of Most Powerful Cartel by Republican Candidate

Vivek Ramaswamy Accuses BlackRock of Being Part of the Most Powerful Cartel in History

Vivek Ramaswamy, a leading candidate for the next Republican candidate for President of the United States, has accused BlackRock of being part of “the most powerful cartel in human history.” He made these comments at the Richard Nixon Foundation and they quickly gained attention online. Ramaswamy has been a vocal critic of ESG standards in corporate America. However, despite the controversy, he remains a distant third in the polls.

Key Points:

Vivek Ramaswamy accuses BlackRock, State Street, and Vanguard of being the most powerful cartel in history.
BlackRock, State Street, and Vanguard are the largest shareholders of major public companies.
Ramaswamy claims they use investors’ money to promote ESG agendas that may not align with their best financial interests.
He raises concerns about fiduciary duty, antitrust, and conflicts of interest.
BlackRock has tried to distance itself from the ESG movement and the associated terminology.

BlackRock’s Spot Bitcoin ETF Approval

Ramaswamy’s attack on BlackRock comes at a crucial time as the asset manager seeks approval for a spot Bitcoin ETF from the SEC. If approved, this could be one of the earliest spot Bitcoin ETFs for US investors. BlackRock led the wave of applications, with other firms like Invesco and ARK Invest joining shortly after.

Galaxy Digital’s Insights

Despite the criticism, recent reports suggest that BlackRock may not have much to worry about in terms of its spot Bitcoin ETF. According to Galaxy Digital’s Mike Novogratz, approval is a matter of “when, not if.” Galaxy Digital has partnered with Invesco on its own spot Bitcoin ETF application.

Hot Take:

Vivek Ramaswamy’s accusation against BlackRock as part of a powerful cartel is a bold statement, but it remains to be seen how much impact it will have on the Republican race. BlackRock’s pursuit of a spot Bitcoin ETF approval seems to be progressing positively, indicating that the criticism may not significantly affect its prospects in this area.