Bitcoins
- October 2023 saw Bitcoin prices surge and fall due to unfounded news of a BlackRock ETF.
- Recent reports confirm Bitwise has legitimately filed for an XRP ETF in Delaware.
- Experts like Eric Balchunas affirm this filing’s authenticity, marking a credible shift from previous misinformation.
- The SEC still has time to appeal a favourable XRP ruling, potentially impacting the ETF’s approval.
You might recall October 2023, when false news briefly caused Bitcoin prices to surge, only to plummet once the information was debunked. At the time, Crypto Twitter was lighting up with (false) reports that the US Securities and Exchange Commission (SEC) had just approved a spot exchange-traded fund (ETF) for BlackRock.
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A month later we had another rumour that turned out to be fake news: an XRP ETF. Ask Bloomberg’s Senior ETF analyst Eric Balchunas about it:
Remember when someone made a fake Delaware Trust filing for a iShares XRP ETF and then I confirmed from BlackRock that it was a fake forgery and I got mauled by the XRP Army for like two weeks straight just for telling the truth? Good times.. https://t.co/kmiYigZCUT
— Eric Balchunas (@EricBalchunas) October 1, 2024
This Time It’s Real, Source: Trust Me
So, if news suddenly surfaces about ‘another’ XRP ETF filing, you’d naturally be somewhat sceptical.
But this time it seems legit, as far as we can tell, after all the news was shared by none other than Eleanor Terrett. You’d be familiar with her due to her crypto reporting, especially her extensive coverage of the SEC vs. Ripple saga.
Now, we get that there may be doubts and you might ask, “How do we know she’s telling the truth?”
Well, she did actually confirm this with a person at the very source. Terret said Bitwise’s Chief Investment Officer Matt Hougan confirmed it is indeed his company that has filed for an XRP ETF in the state of Delaware.
Eric Balchunas also chimed in, saying that unlike in 2023, this time it’s the real deal:
Unlike that situation (I still can’t believe someone did that I wonder if they ever got busted) the Bitwise name registration is legit. We confirmed w them. Peace and love.
Eric Balchunas, Bloomberg
And according to The Block, Hougan himself confirmed the news, saying:
We can confirm this is a registration by us. It is a registration of a trust entity in Delaware. We can share more details and comments tomorrow.
Matt Hougan, Bitwise
SEC May Still Appeal in Legal Tussle with Ripple
While this doesn’t mean a XRP fund will be approved by the SEC, it makes for an interesting situation.
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Because after all the SEC still has until 7 October to appeal the ruling from July 2023. As you may recall, Judge Analisa Torres, district judge of the United States District Court for the Southern District of New York, ruled that XRP sales on exchanges did not violate securities laws.
SEC Chair Gary Gensler has repeatedly gone on record confirming his view that Bitcoin is not a security, while refusing to clarify the status of any other digital assets. If the SEC still views most other cryptos as securities and appeals Torres’ ruling, it would be hard to imagine how an XRP ETF gets approved.
Then again, as BlackRock CEO Larry Fink said about the status of ETH before the spot Ether fund approvals: Being a security doesn’t exclude an asset from being held in an ETF; in fact, many ETFs hold securities.
Aaron Feuerstein Read More