The crypto world is buzzing with speculation: Is BlackRock, the world’s largest asset manager, quietly laying the groundwork for a spot XRP ETF? While no official filing has been submitted, recent developments have reignited interest in the possibility—especially after reports surfaced of BlackRock engaging in high-level discussions with the U.S. Securities and Exchange Commission (SEC).
Though the company has publicly denied any current plans involving XRP, the mere suggestion that it might be exploring regulatory pathways for additional crypto ETFs has sent ripples through the digital asset market.
BlackRock’s Meeting with the SEC Crypto Task Force
On May 9, 2025, news broke that BlackRock held a meeting with the SEC’s newly formed crypto task force. According to a shared memo from the SEC, the discussion covered key topics such as staking within ETFs, tokenization of assets, and the approval standards for new crypto-based exchange-traded products.
BlackRock met w/ SEC Crypto Task Force today…
Discussed staking in ETFs, tokenization, crypto ETF approval standards, & more.
World's largest asset manager fully engaged on crypto.
This engagement signals that BlackRock remains deeply involved in shaping the future of regulated crypto investment vehicles. However, while the conversation included broader frameworks under Section 6(b) of the Exchange Act and potential interim structures for ETP issuers, no mention was made of XRP or any specific altcoin.
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Despite this, market observers quickly connected the dots—could this be a quiet prelude to an XRP ETF application?
No Official Filing—Yet
As of now, there is no formal application for a spot XRP ETF filed by BlackRock or any other major U.S. financial institution. The SEC has not approved any XRP-related ETF, and BlackRock continues to focus its efforts on Bitcoin (BTC) and Ethereum (ETH), both of which saw successful ETF launches earlier in 2024.
Jay Jacobs, head of ETFs at BlackRock, made the company’s priorities clear during a December 2024 appearance at ETFs in Depth:
“We’re really just at the tip of the iceberg with Bitcoin and especially Ethereum. Just a tiny fraction of our clients own $IBIT and $ETHA—so that’s what we’re focused on (vs launching new altcoin ETFs).”
This strategic focus underscores a conservative approach: prioritize established, SEC-approved assets before venturing into more legally ambiguous territory.
Why XRP Remains Off the Table—for Now
XRP ranks as the fourth-largest cryptocurrency by market capitalization, making its exclusion from BlackRock’s current lineup notable. So why hasn’t the firm moved forward?
Regulatory Uncertainty Looms Large
The primary obstacle is the ongoing legal battle between Ripple Labs and the SEC. Although recent developments suggest progress—including a proposed resolution to lift restrictions on institutional XRP sales and reduce Ripple’s financial penalties—the case has not yet reached final settlement.
Until there is clear regulatory clarity, large institutions like BlackRock are unlikely to take the risk. Unlike Bitcoin and Ethereum, which the SEC has largely treated as commodities, XRP's classification remains contested. Launching an ETF on an asset with unresolved legal status could expose issuers to significant compliance and reputational risks.
A Fake Filing That Fueled Hype
Adding to confusion, a so-called “XRP Trust” filing attributed to BlackRock circulated online in November 2023. The document appeared legitimate and briefly sparked a surge in XRP price and social media chatter.
However, BlackRock swiftly denied involvement, confirming through industry sources that the filing was entirely fabricated. This incident highlights how sensitive the market is to even unverified news regarding institutional adoption of XRP.
Could Things Change in 2025?
Many analysts believe that if Ripple secures a definitive legal win or settlement with the SEC, the door could open for major asset managers to consider XRP ETFs. Clear regulatory status would remove the biggest barrier to entry.
BlackRock has historically been a first-mover in traditional finance innovation—and it did the same with Bitcoin ETFs. If XRP gains full regulatory approval as a non-security, expect BlackRock to reassess its position.
Other firms may follow suit as well. Grayscale and Bitwise have already shown interest in expanding their crypto ETF offerings beyond BTC and ETH. An approved XRP ETF could unlock billions in institutional capital currently sidelined due to compliance concerns.
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XRP Price Analysis: Momentum Builds Amid Speculation
At the time of writing, XRP is trading at $2.54, reflecting a modest 2% dip over the past 24 hours but a strong over 20% gain week-over-week. This upward momentum appears linked to growing optimism around Ripple’s legal resolution and renewed speculation about potential ETF developments.
While short-term volatility is normal, long-term investors are watching closely for signs of institutional adoption. Historical patterns show that approval of a spot Bitcoin ETF led to sustained inflows and price appreciation—a precedent that could repeat with XRP if regulatory conditions improve.
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FAQ Section
Q: Has BlackRock officially filed for an XRP ETF?
A: No. As of now, there is no official filing for a spot XRP ETF by BlackRock or any other major U.S.-based financial institution.
Q: Why hasn’t BlackRock launched an XRP ETF yet?
A: The main reason is ongoing regulatory uncertainty surrounding XRP due to the unresolved SEC vs. Ripple lawsuit. Until there's a final legal determination, large institutions are hesitant to proceed.
Q: Did BlackRock ever confirm plans for an XRP Trust?
A: No. A viral filing from late 2023 claiming to be from BlackRock was confirmed as fake. The company has denied any association with such a product.
Q: Could BlackRock launch an XRP ETF in the future?
A: Yes—if Ripple achieves full regulatory clarity and XRP is recognized as a non-security, BlackRock may reconsider launching an ETF, similar to its approach with Bitcoin and Ethereum.
Q: How would an XRP ETF impact the price?
A: Similar to the effect seen with Bitcoin ETFs, approval could lead to significant institutional inflows, increased liquidity, and upward price pressure on XRP.
Q: What cryptocurrencies is BlackRock currently focused on?
A: BlackRock is currently prioritizing Bitcoin (BTC) and Ethereum (ETH), with active ETFs already approved and trading in the U.S. market.
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While all eyes remain on Washington for final rulings in the Ripple-SEC case, one thing is certain: the potential for an XRP ETF remains alive—but patience is required. For now, BlackRock waits, markets watch, and investors prepare for what could be the next major milestone in crypto adoption.