XRP News Today: BlackRock Speculation Lifts XRP to 7-Week High
The letter underscored BlackRock’s plans to launch additional crypto-spot ETFs, with requests to discuss:
- Factors for approving crypto ETPs under Section 6(b) of the Exchange Act.
- Possible interim frameworks for ETP issuer activities.
SEC Sentiment Shifts and ETF Prospects
Crypto America host and journalist Eleanor Terrett highlighted the shift in the SEC’s stance on crypto, stating:
“The second meeting with BlackRock today marks the Crypto Task Force’s 99th meeting with industry participants. Nearly 100 meetings since February. What a stark contrast to the last four years.”
BlackRock Silence and Legal Uncertainty
Despite growing speculation, BlackRock has remained silent on any XRP-spot ETF plans since debunking a fake iShares XRP-spot ETF Trust filing in November 2023. The event, which triggered a pump-and-dump rally, likely forced the ETF issuer to delay plans pending the outcome of the SEC vs. Ripple case.
Still, BlackRock’s participation in an XRP-spot ETF market could significantly influence XRP demand and price trends. Since launching in January 2024, its iShares Bitcoin Trust (IBIT) has recorded inflows of $44,711 million, dwarfing the $11,726 million amassed by Fidelity Wise Origin Bitcoin Fund (FBTC).
This week, the SEC filed settlement letter with the courts, requesting Judge Analisa Torres to lift the injunction prohibiting XRP sales to institutional investors and reduce the $125 million penalty. If approved, both parties would drop their appeals, potentially ending the long-running legal battle and paving the way for ETF progress.