Larry Fink, who is the CEO of an investment mangement and financial planning company called BlackRock, recently said that the cryptocurrency industry lacks legitimacy. He went on to say that until this changes his company would not be offering an exchange-traded fund (ETF) denominated in digital currencies. On Thursday, Fink — whose company handles a wide range of investments that include equities, fixed income, real estate and cash management, and which controls more than $6 trillion in assets — made the comments as he addressed the New York Times DealBook Conference in New York. While he did criticize the cryptocurrency industry, Fink also made clear that his opinion of it could change in the future and that his company could one day offer a cryptocurrency ETF. Fink indicated that he believes that ETFs must have some kind of government backing, and that the government would never back any kind of financial instrument that could be used for illicit purposes. He in particular mentioned Bitcoin and how its anonymous nature makes it risky, as it could be used for the purpose of evading taxes and other such activities. Though Fink did add that in the future he could see an electronically traded currency being used for the storage of wealth. He just thinks that at the moment there is no real need for such a storage of wealth unless someone was using this storage for nefarious purposes. Fink also expressed the view that he and his company were big believers in the blockchain technology that underpins digital currencies. He sees a bright future for blockchain applications in industries that he calls "labored with paper," such as the mortgage industry. He believes that blockchains could replace current systems for managing mortgage applications and deeds. The U.S. Securities and Exchange Commission (SEC) has set a deadline of November 5 for reviewing a set of rule changes that could affect a number of Bitcoin ETFs that have applied for permission from with the agency. 9 different ETFs are currently waiting for approval, including one offered in part by the New York Stock Exchange.