Since Monday, discussions surrounding the mysterious BlackRock XRP ETF filing that appeared in Delaware have dominated the crypto space. News of the filing was initially debunked by Bloomberg’s Eric Balchunas, but recent developments have raised suspicions that the filing was actually made by BlackRock.
BlackRock XRP ETF can be submitted by anyone
An interesting revelation from the BlackRock XRP ETF debacle is the fact that virtually anyone can set up an ETF Trust. Pro-XRP Advocate Jeremy Hogan revealed this on X (formerly Twitter), stating that anyone could actually fake an “XRP ETF” Trust.
Hogan explains that while the filing is genuine, it is fraudulent and can be done cheaply with as little as $500. Apparently all that is required is to register such a Trust on the Delaware Corp. website. Commission to appear, completing two documents. These include the ‘State of Delaware Certificate of Trust’ and the ‘State of Delaware – Division of Corporations’ documents. Once the $500 fee is paid, the filing will receive “a placeholder” on the state website, according to Hogan.
The lawyer reasons that whoever did this may have been trying to replicate what happened when BlackRock filed for an Ethereum spot ETF. “The criminal saw what happened with the Eth trust application, submits the On the other hand, Hogan also reasons that “Blackrock may have customers who want exposure to XRP and have started the process.”
Details of the ‘fake’ ETF application
Another lawyer, Fred Rispoli, also took to X (formerly Twitter) to give their own two cents on the BlackRock XRP ETF situation. Rispoli confirmed what Hogan said about someone being able to forge such a request and make it appear on the site. But beyond that, the attorney elaborated on the details of the filing.
The XRP Trust filing is reportedly similar to the BlackRock Ethereum ETF filing, except the name has changed and the filing date is different. However, the XRP Trust has a different registered agent than the BlackRock Bitcoin Trust, but shares the same with the Ethereum Trust.
Rispoli adds that currently only the BlackRock iShares Bitcoin filing is on the SEC’s Edgar site, which lists filings with the regulator. There is no sign of an iShares Ethereum and XRP Trust. “However, the Bitcoin Delaware filing preceded the SEC registration statement by seven days (6/8/23, 6/15/23),” the attorney said.
He also added that BlackRock has not filed trademarks for any of its crypto trusts filed this year, including the Bitcoin, Ethereum and XRP trusts. However, this is not unusual as the asset manager does not have a trademark for all its products.
Finally, Rispoli explains that even if the BlackRock XRP Trust filing were true, it wouldn’t be the first. That actually goes to Grayscale, which ran an XRP Trust between 2018 and 2021. However, the asset manager terminated this trust after the SEC sued Ripple for alleged violations of securities laws.
XRP trust registration is still active
Although Bloomberg’s Eric Balchunas had said that a BlackRock insider had denied that the asset manager had filed the XRP Trust, the filing remained on the Delaware Corp.’s website. Commission standing.
This aroused skepticism among investors, who began to speculate that the asset manager might have filed the declaration after all. “If it was fake, it would have been delisted by now,” WhaleWire said on X.
It’s been over 6 hours, and the iShares $XRP Trust registration is still actively listed on the ICIS Delaware website. If it was fake it would have been taken down by now.
To qualify, you must also have TWO notorized witnesses and the grantor MUST sign the documents, as well as… pic.twitter.com/Uup7wy0Xvp
— WalvisWire (@WhaleWire) November 13, 2023
At the time of writing this article, there is still no official word from BlackRock on whether the filing is legitimate or not. However, Eric Balchunas did declared that a BlackRock spokesperson confirmed the filing is fake.