Ripple and SEC settle, sparking XRP’s 10% rally and BlackRock ETF speculation
Ripple and the US Securities and Exchange Commission (SEC) have agreed to formally end their appeals in the high-profile lawsuit that has dragged on for nearly four years.
In a joint filing on Aug. 7, both parties confirmed they will withdraw their appeals following a Commission vote.
Ripple’s Chief Legal Officer, Stuart Alderoty, said the agreement marks the close of a dispute that began in December 2020. Under the settlement terms, XRP will not be classified as a security, and each side will cover its own legal costs.
This outcome is seen as a major win for Ripple, placing it alongside other crypto firms like Coinbase that have resolved conflicts with the SEC.
Following the news, the XRP token price jumped by more than 10% to $3.33 as of press time, according to CryptoSlate’s data.
BlackRock XRP ETF
The settlement has fueled speculation about a potential spot XRP exchange-traded fund (ETF) from BlackRock, the world’s largest asset manager. The firm already issues leading ETF products tied to Bitcoin and Ethereum.
Nate Geraci, president of NovaDius Wealth, suggested BlackRock may have been waiting for legal clarity before considering an XRP product under its iShares brand. He argued that ignoring assets beyond Bitcoin and Ethereum could imply that no other cryptocurrencies have long-term value.
However, he stressed that his views are speculative, saying:
“I’ll own it if I’m wrong.”
Meanwhile, not everyone shares Geraci’s optimistic outlook about a potential BlackRock XRP ETF.
Bloomberg Senior ETF Analyst Eric Balchunas expressed skepticism, saying he believes BlackRock is content with its two existing crypto ETFs.
He cited the “law of diminishing returns” for adding more products, though he admitted his opinion was based more on intuition than concrete evidence.
Despite his doubts about BlackRock pursuing an XRP ETF, Balchunas remains optimistic about the broader regulatory environment. He estimated a 95% chance of an XRP ETF receiving approval before the end of the year.
The post Ripple and SEC settle, sparking XRP’s 10% rally and BlackRock ETF speculation appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BTC returns to $93,000 after a brief dip to $83,000—what exactly happened?
Economic Truth: AI Drives Growth Alone, Cryptocurrency Becomes a Political Asset
The article analyzes the current economic situation, pointing out that AI is the main driver of GDP growth, while other sectors such as the labor market and household finances are in decline. Market dynamics have become detached from fundamentals, with AI capital expenditure being key to avoiding a recession. The widening wealth gap and energy supply are becoming bottlenecks for AI development. In the future, AI and cryptocurrencies may become the focus of policy adjustments. Summary generated by Mars AI This summary was generated by the Mars AI model, and its accuracy and completeness are still in the process of iterative improvement.
AI unicorn Anthropic accelerates IPO push, taking on OpenAI head-to-head?
Anthropic is accelerating its expansion into the capital markets, initiating collaboration with top law firms, which is seen as an important signal toward going public. The company's valuation is approaching 300 billions USD, and investors are betting it could go public before OpenAI.
Did top universities also get burned? Harvard invested $500 million heavily in bitcoin right before the major plunge
Harvard University's endowment fund significantly increased its holdings in bitcoin ETFs to nearly 500 million USD in the previous quarter. However, in the current quarter, the price of bitcoin subsequently dropped by more than 20%, exposing the fund to significant timing risk.
Trending news
MoreCrypto prices
More
