- BlackRock XRP ETF speculation surges after Ripple-SEC case ends.
- Ripple victory sparks talk of BlackRock expanding crypto ETF lineup.
- Legal closure fuels hopes for institutional adoption of XRP ETF.
The XRP community was set alight today after comments from market analyst Nate Geraci fueled speculation about a potential BlackRock-backed XRP exchange-traded fund. According to Geraci, president of ETF Store, BlackRock might have been waiting for recent developments before proceeding with an iShares XRP ETF.
He argued it “makes zero sense” for the firm to focus only on Bitcoin and Ethereum. His comments have raised anticipation that XRP would shortly appear on the list of institutional crypto products.
The anticipation follows the official resolution of a long-standing legal battle between Ripple Labs and the US Securities and Exchange Commission. This eliminates one of the most significant regulatory uncertainties that has loomed over XRP since 2020.
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A filing to the United States Court of Appeals for the Second Circuit affirmed that the SEC has withdrawn its appeal (No. 24-2648) and Ripple has dropped its cross-appeal (No. 24-2705). The two parties consented to pay their costs regarding legal proceedings.
According to Ripple chief legal officer Stuart Alderoty, the ruling was reached after a commission vote earlier in the day. He said the company is willing to concentrate on business expansion.
Legal Victory Strengthens ETF Speculation
The case began in 2020 when the SEC accused Ripple of selling XRP as an unregistered security. In July 2023, Judge Analisa Torres found that sales of XRP on public exchanges were not securities transactions, but that sales to institutions had been securities violations.
Ripple ended up paying a fine of $125 million as compared to the $2 billion that the SEC had initially wanted. Several months of settlement negotiations finally culminated in the joint decision to terminate the appeals altogether.
For analysts like Geraci, this resolution’s timing could be the signal BlackRock was waiting for. Without the legal overhang, XRP is now better positioned as a regulated investment product.
The end of a legal struggle between Ripple and the SEC spells a new chapter in the life of the cryptocurrency. As the asset is attracting speculation of an iShares XRP ETF, it may be approaching widespread adoption by institutions.
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