BlackRock Has No Plans for XRP ETF
According to sources familiar with the matter, BlackRock, the world’s largest asset manager, has not indicated any intention of launching a spot XRP exchange-traded fund (ETF). This comes in contrast to the recent approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC), which was met with a split vote within the SEC leadership.
SEC’s Divided Stance Creates Uncertainty
The approval of the Bitcoin spot ETF saw three out of five SEC commissioners voting in favor, while two opposed it. This division within the SEC raises questions about the prospects of approval for other crypto ETFs like XRP, adding uncertainty to the market.
Challenges Ahead for an XRP ETF
Legal expert Bill Morgan highlights SEC Chairman Gary Gensler’s role in the approval process. Gensler, known for his cautious approach to cryptocurrencies, reluctantly supported the Bitcoin ETF only after legal setbacks for the SEC. This suggests that obtaining approval for an XRP ETF could be challenging given differing views within the SEC.
XRP’s Performance Amidst Uncertainty
XRP’s performance is closely watched following these developments. The cryptocurrency is currently struggling to maintain support at $0.55, and a break below this level could lead to significant selling pressure and a potential price decline to $0.34. Despite uncertainties surrounding Ripple and its interactions with regulators, XRP has shown resilience, instilling confidence in traders.
Limited Awareness of XRP by BlackRock CEO
Reports indicate that BlackRock CEO Larry Fink has limited knowledge of XRP, suggesting that the asset manager’s interest in an XRP ETF may be more speculative than anticipated. Fink’s comments during an interview have sparked strong reactions from the XRP community, with many questioning his understanding of the cryptocurrency.
The Future of XRP and ETFs
Despite the challenges, XRP investors and analysts remain engaged, closely monitoring developments that could shape the cryptocurrency’s future trajectory. While the path forward for an XRP ETF remains uncertain, the community’s interest and ongoing discussions within regulatory bodies will continue to influence the conversation around crypto ETFs.
Hot Take: BlackRock Not Interested in XRP ETF as SEC’s Approval of Bitcoin ETF Raises Questions
The recent approval of a Bitcoin spot ETF by the SEC has led to speculation about the potential launch of other crypto ETFs. However, sources indicate that BlackRock, the world’s largest asset manager, has no plans for an XRP ETF. This decision highlights the divided stance within the SEC and raises uncertainties about the approval process for other cryptocurrencies. Additionally, XRP’s performance is closely monitored amidst these developments, with its crucial support level at risk. The limited knowledge of XRP by BlackRock’s CEO further adds to the uncertainty surrounding an XRP ETF. Nonetheless, XRP investors and analysts remain engaged, eager to see how the future unfolds for this cryptocurrency and the broader conversation around crypto ETFs.
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