Delaware Department of Justice Refers Fake BlackRock Filing for XRP ETF to Authorities
A hoax filing on the Delaware Department of State’s Division of Corporations website indicated that BlackRock was preparing to launch a spot XRP ETF. The Delaware Department of Justice has been informed about this fake filing.
The filing still appeared on the Delaware Department of State’s Division of Corporations website as of 2:30 pm EST on Nov. 14.
A spokesperson for the Delaware Department of State told CoinDesk, “Our only comment is that this matter has been referred to the Delaware Department of Justice.”
Ripple’s native token, XRP, experienced a price surge after the fake spot XRP ETF filing before quickly reversing when BlackRock denied making such a filing.
Spot XRP ETF Filing Similar to iShares Ethereum Trust
The recent fake filing has raised concerns about the ease with which such filings can be made. The verification process behind filing for a Trust has drawn criticism. There are currently seven steps required to form a new corporate entity according to the Delaware website, but it seems that it can be done by filling out interactive PDF forms online.
Fears that Bogus Spot XRP ETF Could Affect Spot Bitcoin ETF Chances
The U.S. Securities and Exchange Commission (SEC) has previously rejected several spot Bitcoin ETFs due to a lack of protection for investors from “fraudulent and manipulative acts and practices.” The recent surge in XRP’s price has raised concerns about whether it may impact the SEC’s decision on approving a batch of applications for spot Bitcoin ETFs.
Bloomberg ETF analyst Eric Balchunas told CoinTelegraph, “There’s no doubt it is a bad look that arguably validates the ‘fraud and manipulation’ that the SEC used as grounds for past denial.” However, he remains confident that the fake spot XRP ETF filing will not impact the situation with spot Bitcoin ETFs.
Hot Take: Ripple Price Prediction for Today, November 14 – XRP Technical Analysis
Summers (@SummersThings) tweeted expressing disbelief over iShares XRP Trust registered in Delaware. The tweet included an image questioning its validity.
By
By
By
By
By
By