BlackRock (BLK) Missing from the Pack as SEC Will Vote on XLM-Spot ETFs

An official court filing confirming the withdrawal would open the path for XRP-spot ETF approvals. Currently, issuers such as 21Shares, Bitwise Invest, Canary Funds, Grayscale, and WisdomTree have filed applications for XRP-spot ETFs.

The U.S. Securities and Exchange Commission (SEC) could announce its decision on Monday, March 27, regarding an appeal against a lower court ruling that overturned its decision in the case against Ripple.

According to a report by CCIV, the upcoming Closed Meeting of the SEC provides an opportunity for three commissioners—Mark Uyeda, Hester Peirce, and Caroline Crenshaw—to vote on the appeal withdrawal.

If the SEC makes no formal announcement on March 27, it could lead to selling pressure on XRP.

An official court filing confirming the withdrawal would open the path for XRP-spot ETF approvals. Currently, issuers such as 21Shares, Bitwise Invest, Canary Funds, Grayscale, and WisdomTree have filed applications for XRP-spot ETFs.

However, despite rumors, no filings from iShares, part of BlackRock (NYSE:BLK), have been submitted yet.

In the U.S. BTC-spot ETF market, iShares Bitcoin Trust (IBIT) has reported total net inflows of $39,669 million since launch, compared to outflows of $22,526 million from Grayscale Bitcoin Trust (GBTC).

Without IBIT’s inflows, the U.S. BTC-spot ETF market would have posted net outflows of $3.6 billion, which could have impacted Bitcoin demand.

Therefore, BlackRock’s involvement could be substantial, especially in an emerging market like XRP-spot ETFs.

Institutional demand for XRP-spot ETFs will be crucial, similar to BTC, which saw strong ETF inflows early in 2024, leading to a rally in the cryptocurrency.

A filing by BlackRock for an XRP-spot ETF could shift the narrative. It is possible that BlackRock will make a move after the SEC formally dismisses its appeal.