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Blackrock Confirms News of XRP ETF Filing Is Fake

XRP In a recent turn of events, a deceptive regulatory filing circulated on social media, falsely suggesting that BlackRock (BLK), the renowned asset manager, was on the verge of launching an XRP exchange-traded fund (ETF). The misleading information triggered a swift market response, propelling XRP's price by over 10% before the token retraced to its
In a recent turn of events, a deceptive regulatory filing circulated on social media, falsely suggesting that BlackRock (BLK), the renowned asset manager, was on the verge of launching an XRP exchange-traded fund (ETF). The misleading information triggered a swift market response, propelling XRP’s price by over 10% before the token retraced to its pre-news levels of around 65 cents.

A spokesperson for BlackRock swiftly dispelled the rumors, clarifying that the regulatory filing was fake and not initiated by the asset management giant. This incident underscores the susceptibility of the market to misinformation, as speculators and media outlets, including Bloomberg and Bankless, amplified the phony filing, contributing to increased buy pressure on XRP.

BlackRock, a major player in the financial industry, has previously filed with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin and ether ETFs. The recent deceptive filing mirrored the format of previous submissions but lacked authenticity. Notably, BlackRock has not exhibited a proclivity for speculative ventures in the crypto space, casting doubt on the credibility of the purported plan to launch an XRP ETF.

Delaware’s corporate registration process, unfortunately, has been previously exploited for similar purposes, with misleading filings in 2021 falsely suggesting plans by Grayscale, a subsidiary of CoinDesk parent company Digital Currency Group, to launch trust vehicles for tokens it had no intention of supporting.

This incident highlights the challenges faced by the crypto market in discerning accurate information and the potential for misinformation to influence prices. Despite initial enthusiasm driven by the false filing, informed observers expressed skepticism regarding BlackRock’s involvement in an XRP ETF, particularly considering the ongoing legal disputes between XRP and the SEC.

As the crypto space continues to evolve, incidents like these underscore the importance of careful verification and due diligence to maintain a balanced and informed market environment.

Wasif Shakir

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