The cryptocurrency landscape has witnessed significant developments that have stirred considerable speculation and interest among investors and industry experts. A prominent event in this regard was the approval of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
These approvals, including those for ETFs filed by financial giant BlackRock, initially raised questions about the potential for similar products centered around other digital assets, such as XRP.
This speculation has returned now that the legal battle between Ripple and the SEC is over, and Anders (@X__Anderson), a prominent crypto figure on X, believes BlackRock’s involvement could expedite the process of XRP ETF approval.
BlackRock’s Influence and SEC’s Approval of Bitcoin ETFs
As Anders shared, BlackRock, the world’s largest asset manager, made headlines when it filed for a Bitcoin ETF in 2023. This move signaled a significant step toward mainstream acceptance of cryptocurrency assets, and the SEC’s subsequent approval of Bitcoin ETFs, which included BlackRock’s application, was pivotal for the cryptocurrency industry, eventually sending Bitcoin to a new all-time high.
The approval process saw a 3-2 vote among the SEC commissioners, with SEC Chair Gary Gensler reportedly voting in favor. Anders noted this as significant, suggesting BlackRock’s influence over the SEC Chair and a growing willingness by regulatory authorities to accept and regulate digital assets within traditional financial frameworks.
Speculation Around an XRP ETF
Anders’ comments were fueled by statements from both BlackRock CEO Larry Fink and Ripple CEO Brad Garlinghouse, who, when asked about the possibility of an XRP ETF, each stated that they could not comment. Anders interprets this as a potential sign that discussions about an XRP ETF are ongoing behind the scenes, even though no official plans have been announced.
Anders noted that XRP ETFs could not be approved with the lawsuit. This potentially explains the silence of Fink and Garlinghouse. However, he suggests that Gensler has been told to “back off” and not appeal the case after the recent ruling. This frees XRP for potential ETF applications and could meet the 2025 prediction made by Garlinghouse.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
The Path Forward for XRP and Potential ETF Launch
While an XRP ETF has not yet been officially proposed or approved, the recent developments in the cryptocurrency industry suggest that BlackRock and other prominent financial institutions could apply for XRP ETFs soon.
The SEC’s willingness to approve Bitcoin ETFs, coupled with the resolution of the Ripple lawsuit, could pave the way for the introduction of an XRP ETF, potentially sending XRP to a new all-time high like Bitcoin.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News