XRP News Today: BlackRock Denies XRP ETF Plans Amid SEC Legal Uncertainty

Speculation has been mounting that BlackRock, the world's largest investment manager, may be preparing to launch a spot XRP exchange-traded fund (ETF). This speculation was fueled by reports that BlackRock had met with the Securities and Exchange Commission's (SEC) crypto task force to discuss ETF approval standards. The meeting, which took place on May 9, included discussions on approval frameworks under Section 6(b) of the Exchange Act and potential interim structures for ETP issuers.

However, BlackRock has denied any involvement with XRP, citing ongoing legal issues with the SEC. The firm confirmed that a prior XRP Trust filing was fake, and there is no official application for a BlackRock XRP ETF. The SEC has not approved any such product, and BlackRock remains focused on Bitcoin and Ethereum until regulatory clarity around XRP improves.

Despite XRP being the fourth-largest cryptocurrency by market capitalization, BlackRock has not applied for a spot XRP ETF. The lack of a filing has raised questions, given XRP's potential and BlackRock's financial strength. A likely reason for this is the ongoing legal uncertainty surrounding XRP. The SEC's long-running case against Ripple continues, although recent developments suggest progress, including a proposal to lift the ban on institutional XRP sales and reduce Ripple's penalty.

BlackRock is unlikely to enter legally unclear territory without a final resolution. The firm has also denied any connection to XRP or Ripple, confirming that the viral “XRP Trust” filing from November 2023 was fake. Some industry observers believe that BlackRock might revisit the idea if Ripple secures a full legal settlement and the regulatory landscape becomes clearer.