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BlackRock shelves plans for spot XRP ETF amid regulatory challenges

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BlackRock shelves plans for spot XRP ETF amid regulatory challenges By Investing.com

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EditorBrando BricchiStock Markets

Published Jan 20, 2024 23:12

NEW YORK – BlackRock Inc (NYSE:BLK), the world’s largest asset manager, has decided to halt its plans to launch an exchange-traded fund (ETF) based on the cryptocurrency XRP. The decision comes amid ongoing regulatory uncertainties and a lack of clarity regarding XRP’s legal status.

The move is a significant shift for BlackRock, which had previously shown interest in the digital currency space, with CEO Larry Fink making remarks that hinted at the firm’s engagement with XRP. However, a July ruling that brought confusion over XRP’s legal standing has contributed to the company’s decision to step back from launching a spot XRP ETF.

In the broader context of the cryptocurrency market, XRP has been experiencing a downturn in value, reflecting a bearish sentiment among investors. The cryptocurrency’s price has dropped to around $0.50, a decline that is being attributed to market participants bracing for potential Securities and Exchange Commission (SEC) appeals, which could further complicate the regulatory landscape for digital assets like XRP.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

BlackRock shelves plans for spot XRP ETF amid regulatory challenges

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