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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities
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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

BlackRock’s XRP ETF Filing, Everything You Need To Know

Scott Matherson
Scott Matherson
11 months ago
4 mins read
BlackRock XRP ETF

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Since Monday, discussions around the mysterious BlackRock XRP ETF filing that appeared in Delaware have dominated the crypto space. The news of the filing was initially debunked by Bloomberg’s Eric Balchunas, but recent developments have raised suspicions that the filing was actually made by BlackRock.

BlackRock XRP ETF Could Be Filed By Anyone

One interesting revelation that has come from the BlackRock XRP ETF debacle is the fact that pretty much anyone can make an ETF Trust. Pro-XRP attorney Jeremy Hogan revealed this on X (formerly Twitter), saying that anyone could actually spoof an “XRP ETF” Trust.

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Hogan explains that while the filing is real, it is fraudulent and could be cheaply made with just $500. Apparently, all that is needed for such a Trust to appear on the Delaware Corp. Commission website is to fill out two documents. These include the ‘State of Delaware Certificate of Trust’ and the ‘State of Delaware – Division of Corporations’ documents. Then once the $500 fee is paid, Hogan says the filing then gets “a ‘placeholder’ on the state website.”

The attorney reasons that whoever did this may have tried to replicate what happened when BlackRock filed for an Ethereum spot ETF. “criminal saw what happened with the Eth trust filing, files the XRP trust “filing,” buys $100k xrp on leverage, sells at 74 cents, and pockets 2-3 million dollars.” On the other end of this, Hogan also reasons that maybe “Blackrock has clients who want exposure to XRP and have begun the process.”

Details Of The ‘Fake’ ETF Filing

Another attorney, Fred Rispoli, also took to X (formerly Twitter) to give their own two cents on the BlackRock XRP ETF situation. Rispoli confirmed what Hogan said about anyone being able to fake such a filing and having it listed on the site. But other than that, the attorney went into the details of the filing.

The XRP Trust filing reportedly matches the BlackRock Ethereum ETF filing with the exception of the name being changed and the date of the filing being different. However, the XRP Trust has a different registered agent than the BlackRock Bitcoin Trust but shares the same one with the Ethereum Trust.

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Rispoli adds that only the BlackRock iShares Bitcoin filing is currently listed on the SEC’s Edgar site, which is where filings with the regulator are listed. There is no trace of an iShares Ethereum and XRP Trust. “However, the Bitcoin Delaware filing preceded the SEC Registration statement by 7 days (6/8/23, 6/15/23),” the attorney said.

He also added that there were no trademarks filed by BlackRock for all its crypto trusts filed this year, including the Bitcoin, Ethereum, and XRP ones. However, this is not out of the ordinary since the asset manager does not trademark all of its products.

Finally, Rispoli explains that even if the BlackRock XRP Trust filing were true, it wouldn’t be the first one. That actually goes to Grayscale, which ran an XRP Trust between 2018 and 2021. However, the asset manager discontinued this trust after the SEC sued Ripple over alleged securities violations.

XRP price chart from Tradingview.com (BlackRock XRP Trust)

BlackRock rumors sends price surging | Source: XRPUSD On Tradingview.com

XRP Trust Filing Still Up

Even though Bloomberg’s Eric Balchunas had said that an insider at BlackRock had denied that the asset manager filed the XRP Trust, the filing remained on the Delaware Corp. Commission website.

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This raised skepticism among investors who began to speculate that maybe the asset manager may have made the filing after all. “If it was fake, it would’ve been delisted by now,” WhaleWire said on X.

It’s been over 6 hours, and the iShares $XRP Trust filing is still actively listed on the ICIS Delaware website. If it was fake, it would’ve been delisted by now.

Also, in order to apply, you must have TWO notorized witnesses & the Grantor MUST sign the documents, as well as… pic.twitter.com/Uup7wy0Xvp

— WhaleWire (@WhaleWire) November 13, 2023

At the time of this writing, there is still no official word from BlackRock on whether the filing is legit or not. However, Eric Balchunas has stated that a BlackRock spokesperson has confirmed the filing is fake.

Featured image from CryptoRank, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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