BlackRock refused to issue XRP-ETF due to bureaucrats
An anonymous source familiar with the situation said that the world's largest company, managing $9.1 trillion in client assets, BlackRock has refused to issue an ETF based on the XRP cryptocurrency (XRP).
Lawyer Bill Morgan noted that the firm had to curtail the plan to create this derivative due to the position of members of the US Securities and Exchange Commission (SEC). In particular, the chairman of the department, Gary Gensler, is unlikely to agree to give the go-ahead for trading in XRP-ETF shares.
Gensler, like many of his colleagues, voted in favor of issuing a Bitcoin ETF, but he has personal scores to settle with XRP. In July 2023, the court ruled in favor of the XRP issuer, Ripple, without recognizing digital assets as securities. But the legal battle between the regulator and the creator of XRP did not end there. The agency wants to appeal the court's decision and punish the company for what officials believe is an illegal sale of coins.
