BlackRock is under scrutiny from the Federal Deposit Insurance Corporation (FDIC) after missing a January 10 deadline to address concerns regarding its bank holdings. The asset manager requested an extension to March, which was denied by the FDIC. A new deadline has been set for February 10, with potential subpoenas and an investigation looming if compliance is not met. BlackRock currently holds $52.8 billion in Bitcoin, positioning it as a major player in the cryptocurrency market. The FDIC, under the leadership of interim chairman Travis Hill, is pushing for transparency in the banking sector's dealings with crypto clients, having recently issued 'pause' letters to over 20 banks to reconsider their relationships with cryptocurrency firms.