BlackRock has sparked curiosity within the crypto community by suggesting the possibility of introducing an exchange-traded fund (ETF) based on XRP. Although there’s no official confirmation of immediate plans for an XRP spot ETF filing, speculations have surged after enigmatic remarks from BlackRock CEO Larry Fink along with its association with other crypto ETF proposals.
Fink’s reticent answer in a recent interview — “I cannot discuss that” — in response to questions about an XRP ETF, was taken by XRP investors as a possible sign that BlackRock is thinking about the idea, which might boost the XRP market. However, the ongoing legal confrontation between the Securities and Exchange Commission (SEC) and Ripple, the entity behind XRP, casts doubt on the likelihood of imminent approval.
In July last year, a judge overseeing the lawsuit ruled that although XRP isn’t considered a security on retail exchanges, it assumes that classification when purchased by institutional investors. Legal proceedings persist, with a trial scheduled for April 23.
Experts have expressed doubts about the likelihood of an XRP ETF being approved. For instance, CoinShares product head Townsend Lansing stressed that the feasibility of an XRP ETF depends on the SEC recognizing XRP as a nonsecurity. Van Buren Capital’s general partner, Scott Johnsson, shared the same opinion, stating that approval is extremely unlikely and may require a shift in SEC leadership.
Nonetheless, recent reports from sources familiar with the matter indicate that BlackRock is not planning to launch an XRP spot ETF anytime soon.
The speculations come at a time when the cryptocurrency industry is going through a dynamic phase, especially with the introduction of ETFs for a variety of digital assets. The SEC approved spot Bitcoin ETFs last month, opening the door for other cryptos.
Following the approval, Steve McClurg, cofounder of Valkyrie Funds, voiced hope for XRP and ethereum ETFs. While Valkyrie hasn’t announced if it will introduce XRP or ethereum ETFs, this indicates that the general public is becoming more and more interested in crypto. Moreover, changes in the market, such as Grayscale adding XRP to their tradable trusts, suggest that there is a growing need for a variety of cryptocurrency investment products.
Not to mention, big financial companies such as BlackRock have a significant impact on the crypto market, as investor confidence is often impacted by the actions, decisions and statements of these industry players.
While BlackRock’s plan for an XRP spot ETF remains uncertain, Fink purposefully being vague suggests that he is aware of the increasing demand for digital assets through ETF. For the time being, the crypto community is hopeful that XRP will soon be included in BlackRock’s products.
All this buzz about the possibility of XRP ETFs being launched adds to the positive momentum around cryptos, and enterprises such as Canaan Inc. (NASDAQ: CAN) are likely leveraging the positive press to attract more investors.
About CryptoCurrencyWire
CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.CryptoCurrencyWire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer
CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
CryptoCurrencyWire is powered by IBN
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.cryptocurrencywire.com/blackrock-ceo-hints-at-xrp-etf-feasibility/
