BlackRock, a leading asset manager in the crypto industry, recently confirmed that it has no plans to launch an XRP-based ETF, disappointing many enthusiasts.
The Fake Filing That Fueled the Hype
Last year, the XRP community was abuzz after news surfaced about an alleged XRP ETF filing attributed to BlackRock on the State of Delaware’s website. This caused XRP’s price to soar over 13%. However, BlackRock denied the claim, stating it was false.
BlackRock Focuses on Bitcoin and Ethereum
In a recent interview, Jay Jacobs, the head of BlackRock’s ETF department, mentioned that the company is focusing on its existing crypto ETFs. BlackRock has already launched iShares Bitcoin Trust and iShares Ethereum Trust, attracting significant investments. Jacobs highlighted that their priority is expanding the accessibility of these products.
XRP ETF Applications and the SEC's Role
Even though BlackRock is not interested in an XRP ETF, other companies like Bitwise and WisdomTree continue to file applications with the SEC. The anticipated approval, expected next year, may be linked to changes in the U.S. government and the appointment of a new SEC chairman more favorably inclined towards cryptocurrencies. However, given the SEC’s cautious approach to such products, the process may take longer.
While BlackRock focuses on Bitcoin and Ethereum, other companies await the SEC’s decision on XRP ETFs. Whether these efforts will succeed remains to be seen.
