BlackRock

Asset management firm <a href="https://crypto.news/blackrock-spot-bitcoin-etf-enters-top-5-us-etps-by-capital-inflow/" rel="noopener noreferrer nofollow">BlackRock</a> is stirring interest within the cryptocurrency community by hinting at the potential launch of an XRP-based exchange-traded fund (ETF).&nbsp;
Although the firm hasn’t officially confirmed plans for an immediate spot XRP ETF filing, speculation has heightened following cryptic comments from BlackRock CEO Larry Fink and the company’s involvement in other cryptocurrency ETF proposals.
The U.S. Securities and Exchange Commission’s (SEC) continued legal battle against Ripple, the company behind XRP, has raised doubts regarding the potential approval soon.
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In July 2023, a judge presiding over the SEC’s lawsuit ruled that while XRP isn’t classified as a security when traded on retail exchanges, it holds that status when sold to institutional buyers. The legal proceedings are ongoing, with a trial set for April 23, 2024.
However, analysts are <a href="https://crypto.news/sec-delays-decision-on-blackrocks-ethereum-spot-etf-launch/" rel="noopener noreferrer nofollow">skeptical</a> about the prospects of an XRP ETF gaining approval. Townsend Lansing, the head of product at CoinShares, emphasized that an XRP ETF’s feasibility hinges on the SEC acknowledging XRP’s non-security status.
Scott Johnsson, a general partner at Van Buren Capital, echoed this sentiment, deeming the likelihood of approval “very slim” and suggesting that it may necessitate a change in leadership at the SEC.
Fink’s cautious response to inquiries about an XRP ETF — “I can’t talk about that” — has been interpreted by XRP enthusiasts as a potential indicator that BlackRock is at least contemplating the idea, instilling optimism in the XRP market.
Recent reports citing sources with direct knowledge of the matter suggest that BlackRock doesn’t have immediate plans for a spot XRP ETF. This disclosure emerges during a dynamic period for the cryptocurrency market, particularly concerning the emergence of ETFs for various digital assets.
The influence of major financial institutions on the cryptocurrency market is substantial. Statements, decisions, and actions by industry behemoths like BlackRock have a ripple effect on market sentiment and investor confidence.
While BlackRock’s current lack of immediate plans for a spot XRP ETF doesn’t definitively determine the future, it adds complexity to ongoing discussions about the feasibility and regulatory viability of ETFs for a diverse range of digital assets.
Read more: <a href="https://crypto.news/jupiter-asset-management-cancels-xrp-etp-investment/" rel="noopener noreferrer nofollow"> Jupiter Asset Management cancels XRP ETP investment plans </a>

BlackRock CEO teases feasibility of an XRP ETF

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