According to Cointelegraph, the recent fake XRP trust filing that caused a temporary spike in XRP's price is unlikely to influence the United States Securities and Exchange Commission's (SEC) decision on approving or delaying spot Bitcoin (BTC) exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas stated that the incident should have little to no impact on the SEC's final decision, but it could validate the SEC's concerns about market manipulation. The SEC has previously rejected spot Bitcoin ETFs due to a lack of market manipulation controls.
Michael Bacina, a partner at law firm Piper Alderman and chair of the industry group Blockchain Australia, also expressed doubt that the SEC would use the fake XRP filing as a reason to postpone ETF applications. Lucas Kiely, the CEO of wealth management platform Yield App, agreed that the incident is unlikely to sway the SEC's decision and urged the crypto community to remain calm.
The fake XRP trust filing will be referred to the Delaware Department of Justice for further investigation. BlackRock, the company falsely associated with the fake XRP filing, is currently awaiting regulator approval for its spot Ether ETF filed on Nov. 9 and its spot Bitcoin ETF filed in June.
