The ongoing legal battle between the SEC and Ripple Labs has cast a long shadow over XRP. While the court declared XRP a non-security in July 2023, the case remains unresolved, impacting XRP’s market standing and prospects. One such prospect gaining traction is the potential launch of a BlackRock-backed XRP exchange-traded fund (ETF).
Industry Speculation and Ripple’s Stance
Prominent crypto commentator Ashley Prosper (@AshleyPROSPER1) recently ignited discussions by suggesting that BlackRock, the world’s largest asset manager, is likely to file for an XRP ETF following the conclusion of the SEC lawsuit.
#XRP #XRPCommunity
Everyone knows a Blackrock XRP ETF is coming… but when?
Well, would you launch one before the #Ripple v #SEC case is completely over? Or would you wait? I expect the announcement would come within weeks of the case ending, whether that be by Judge Torres's… https://t.co/BiBTRPybYB— Ashley PROSPER (@AshleyPROSPER1) February 21, 2024
Prosper’s prediction aligns with earlier remarks from Ripple’s former director, Sean McBride, who anticipated an XRP ETF launch in 2024 or 2025.
However, Ripple CEO Brad Garlinghouse has remained tight-lipped on the specifics, refusing to confirm or deny any potential discussions with BlackRock regarding an XRP ETF. While acknowledging the community’s interest in such a product, Garlinghouse emphasized that he wouldn’t comment on private conversations.
End of SEC Lawsuit Could Be a Turning Point
The ongoing lawsuit against Ripple remains the pivotal factor influencing the potential launch of an XRP ETF. With legal briefs expected next month and a resolution anticipated this year, the court’s final decision could significantly impact XRP.
If the lawsuit concludes favorably for Ripple and the SEC does not appeal Judge Torres’ ruling about XRP’s non-security status, it could pave the way for regulatory approval of an XRP ETF, potentially attracting established players like BlackRock. Conversely, an unfavorable outcome could further impede XRP’s adoption and hinder ETF prospects.
BlackRock’s XRP ETF
BlackRock has found itself at the center of XRP ETF speculation, fueled by a filing that surfaced in late 2023 and turned out to be fake. The company swiftly dismissed the filing, but the incident sparked discussions about the intention to file for an XRP ETF.
Adding to the intrigue, BlackRock CEO Larry Fink’s response to a question about the company’s plans regarding an XRP ETF was evasive.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
While Fink refrained from explicitly addressing the possibility, a prominent financial journalist, citing anonymous sources, claimed that BlackRock has no current plans for an XRP ETF. Gasparino further argued that the July court decision placed XRP in a regulatory grey area, hindering its potential for an ETF listing.
While speculation regarding a BlackRock-backed XRP ETF continues to swirl, the reality remains uncertain. The ultimate decision hinges on the resolution of the SEC lawsuit and the resulting regulatory landscape surrounding XRP.
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