The price of XRP shot up yesterday after someone filed a fake exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission.

Now, the state prosecutors are involved.

According to a Tuesday Bloomberg report, the Delaware Office of the Secretary of State has informed the state Department of Justice about the bogus filing.

On Monday, an application labeled “BlackRock iShares XRP Trust” was filed in Delaware. As soon as word got out about the filing, the price of XRP—the fifth largest digital asset—soared 12% in just 30 minutes.

But it came crashing down after it became clear that BlackRock did not make the filing.

BlackRock, the world’s biggest fund manager which last week registered for an Ethereum ETF in Delaware last week, told Decrypt in an email that the XRP filing was false.

The SEC is currently reviewing a number of ETF applications from high-profile traditional finance firms. BlackRock has sent off one of them.

If approved, the U.S. would get its first spot Bitcoin ETF which would give investors exposure to cryptocurrency without having to buy it themselves.

Wall Street’s biggest regulator has been denying Bitcoin ETFs for the past 10 years, mostly citing market manipulation as the main reason not to give such a product the green light.

Now, though, experts have said it’s only a matter of time before Wall Street does get one. Analysts at Bloomberg Intelligence now say there is a 90% chance the U.S. market will have a Bitcoin ETF by January 10.

Whenever there is news surrounding the potential approval of such a product, the price of the crypto market tends to go up.

XRP is currently trading for $0.62, down over 4% in the past 24 hours, according to CoinGecko.

The post BlackRock XRP Trust Faker Referred to Delaware DOJ appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 14, 2023 9:12 pm