BlackRock XRP Trust Filing Revealed as Fake, SEC Deadline Approaches for Bitcoin ETFs

The post BlackRock XRP Trust Filing Revealed as Fake, SEC Deadline Approaches for Bitcoin ETFs appeared first on Coinpedia Fintech News

Recently, a filing for a BlackRock XRP Trust has been exposed as a fraudulent submission, stirring confusion and concerns in the cryptocurrency and financial world. James Seyffart, an ETF Research Analyst at Bloomberg, played a pivotal role in uncovering the hoax.

The fake filing cunningly mimicked the format of legitimate trust submissions, closely resembling previous filings for Ethereum and Bitcoin trusts. Initially, this led to speculations about BlackRock potentially confronting the U.S. Securities and Exchange Commission (SEC). However, Seyffart’s investigation promptly clarified that BlackRock had no involvement in the deceptive filing.

Upon contacting BlackRock for an official statement, Seyffart and his colleagues received a categorical denial of any association with the XRP Trust filing. BlackRock expressed its commitment to investigating the situation thoroughly to ascertain the source of this fraudulent document. Seyffart acknowledged the significant effort put into creating the fake filing, prompting questions about the motives behind such deceptive activity.

In a recent conversation with Thinking Crypto, Seyffart shed light on an imminent deadline set for November 17th. This deadline is particularly crucial due to the current window in which 12 Bitcoin filings are pending, each with distinct deadlines. Concerns about a government shutdown at the end of September influenced the SEC’s decision to reset these deadlines.

While these filings have diverse deadlines, they share a joint restriction—they cannot proceed during an expected period, typically a 21 or 35-day interval for public input after a decision. This restriction was lifted on November 8th, allowing the first nine filers, including major entities like BlackRock, Invesco, Fidelity, AR, 21 shares, and VanEck, to receive a decision potentially.

Seyffart emphasized that while there may still be delays in the approval process, it’s highly likely that if a filing receives approval before others, the corresponding S1 filing will also gain approval, ultimately leading to the launch of these ETFs.

However, the focus now shifts to hash dex and Franklin, among others, scheduled for a decision on November 17th. The uncertainty lies in whether they will enter a standard period. The window between the 8th and the 17th allows the SEC to potentially approve all 12 filings simultaneously under the 19(b)(4) process. Additionally, Global X faces a decision on the 21st, introducing another layer of complexity with a subsequent 35-day standard period.

As the cryptocurrency and ETF markets eagerly await these crucial decisions, the recent BlackRock XRP Trust filing hoax is a stark reminder of the need for vigilance and scrutiny in this rapidly evolving space.