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

Since Monday, discussions around the mysterious BlackRock XRP ETF filing that emerged in Delaware have dominated the crypto space. News of the filing was initially debunked by Eric Balchunas of Bloombergbut recent developments have raised suspicions that the filing was actually made by BlackRock.

BlackRock XRP ETF could be deposited by anyone

An interesting revelation to come out of the BlackRock XRP ETF debacle is the fact that almost anyone can create an ETF trust. Jeremy Hogan, pro-XRP lawyer revealed this on X (formerly Twitter), saying that anyone could actually spoof an “XRP ETF” trust.

Hogan explains that even if the deposit is real, it is fraudulent and could be made inexpensively with as little as $500. Apparently, for such a trust to appear on the Delaware Corp. website. Commission, you only need to complete two documents. These include the “State of Delaware Certificate of Trust” and the “State of Delaware – Corporations Division” documents. Then, once the $500 fee is paid, Hogan says the filing then gets a ‘placeholder’ on the state’s website. »

The lawyer the reasons that whoever did this may have been trying to replicate what happened when BlackRock filed for authorization. Ethereum Spot ETF. “Criminal saw what happened with Eth trust deposit, deposits XRP trust “deposit”, buys $100,000 of XRP with leverage, sells at 74 cents and pockets 2-3 million dollars.” On the other hand, Hogan also believes that “Blackrock may have clients who want exposure to XRP and have started the process.”

Details of the “fake” ETF deposit

Another lawyer, Fred Rispoli, also took to X (formerly Twitter) to give his thoughts on the BlackRock XRP ETF situation. Rispoli confirmed what Hogan said about anyone being able to fake such a filing and have it listed on the site. But apart from that, the lawyer went into detail about the case.

The XRP Trust folder would correspond to BlackRock Ethereum ETF filing except for change of name and different filing date. However, the XRP Trust has a different registered agent than the BlackRock Bitcoin Trust but shares the same with the Ethereum Trust.

Rispoli adds that only the BlackRock iSharesBitcoin The filing is currently listed on the SEC’s Edgar website, where filings with the regulator are listed. There is no trace of a iShares Ethereum and XRP Trust. “However, the Bitcoin Delaware deposit preceded the SECOND Registration statement within 7 days (06/08/23, 06/15/23),” the lawyer said.

He also added that no trademarks have been filed by BlackRock for any of its crypto trusts filed this year, including Bitcoin, Ethereum, and those XRP. However, this is nothing extraordinary since the wealth manager does not register all of its products under the brand name.

Finally, Rispoli explains that even if the BlackRock XRP Trust filing were true, it would not be the first. This actually goes back to Grayscale, which managed an XRP Trust between 2018 and 2021. However, the asset manager ended this trust after the The SEC sued Ripple on alleged securities violations.

XRP Price Chart from (BlackRock XRP Trust)

XRP Trust Deposit Still In Progress

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

This sparked skepticism from investors, who began to speculate that the asset manager may have finally filed this application. “If it was fake, it would have been delisted by now,” WhaleWire told X.

As of this writing, there is still no official word from BlackRock on whether or not the deposit is legitimate. However, Eric Balchunas has declared that a BlackRock spokesperson confirmed the filing was false.

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