Zinger Key Points
- Fink believes tokenization will simplify processes, reduce costs for investors, and potentially eliminate the need for proxy votes.
- He sees tokenization as a crucial financial reform that can bring down the cost of ownership of stocks and bonds.
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BlackRock Inc. BLK CEO Larry Fink on Thursday called for the Securities and Exchange Commission to speed up the approval process for the tokenization of traditional financial assets.
In an interview with CNBC, Fink emphasized the transformative potential of tokenizing stocks and bonds, stating, “I want the SEC to rapidly approve the tokenization of bonds and stocks.”
Fink believes that tokenization can streamline financial processes, reduce costs for investors and fundamentally change the way assets are managed.
He highlighted the potential to eliminate the complexities associated with proxy voting, saying “BlackRock would never have to vote on a proxy vote anymore because every owner of record would be notified through a tokenization of equities.”
Fink positioned tokenization as a crucial element of financial reform, saying, “It would bring down the cost of ownership of stock and bonds. So those are the type of financial reforms we need.”
"Some of the tax on BlackRock would disappear. BlackRock would never have to vote on a proxy vote anymore because every owner of record would be notified through a tokenization of equities," Fink explained.
He also pointed out the broader benefits for the industry, including reduced costs of ownership for stocks and bonds, which would ultimately benefit everyday investors.
Initially skeptical, Fink once referred to Bitcoin as an instrument for “money laundering” in 2017.
However, his perspective has shifted significantly, with BlackRock actively exploring digital assets and blockchain technology in recent years.
The firm has filed for a Bitcoin spot ETF and has invested in crypto-related firms, signaling a deeper embrace of the digital asset ecosystem.
Fink now views Bitcoin as “digital gold” and highlights its potential as a hedge against inflation and currency debasement.
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