Expert Comments on Bogus BlackRock XRP ETF Filing, Highlights Implications of Misleading Government Agency

Attorney Fred Rispoli reacts to a fake BlackRock XRP ETF filing, asserting that misleading a government agency carries big penalties.

Pro-XRP lawyer Fred Rispoli has issued fresh comments regarding the bogus entity registration, suggesting that the world’s largest asset manager, BlackRock, was attempting to issue a spot-based XRP exchange-traded fund (ETF).

Bogus BlackRock XRP ETF Filing

Recall that on Tuesday, an unknown individual registered an entity named iShares XRP Trust on the Delaware Division of Corporations website.

In what could be an attempt to manipulate the price of XRP, the malefactor included BlackRock’s name and its managing director, Daniel Schwieger, in the registration.

Expectedly, the filing caused the price of XRP to surge over 12% to $0.74 in less than an hour. However, this rally did not stand the test of time, as Bloomberg ETF analyst Eric Balchunas confirmed that the report was fake. Consequently, XRP plunged back to its previous level of around $0.62.

Rispoli Highlights Implications of Misleading Government Agency

In a tweet yesterday, Attorney Rispoli pointed out the implications of misleading a government agency like the Delaware Department of State’s Division of Corporations. The pro-XRP lawyer said there are big penalties for misleading government agencies.

However, he asserted that there is no penalty when journalists are misled. He noted that a Delaware rep will likely contact BlackRock to confirm the authenticity of the iShares XRP Trust filing if people start urging the commission to remove the filing from its website.

If folks started calling the Delaware Division of Corporations asking it to remove a filing that a “BlackRock spokesperson” disavowed, a division rep would likely reach out to BlackRock to confirm. Misleading a gov agency carries big penalties. Misleading journalists does not. https://t.co/HNVPOHPqSG

— Fred Rispoli (@freddyriz) November 14, 2023

It bears mentioning that Attorney Rispoli has been commenting on the bogus BlackRock XRP filing since the development went viral.

Yesterday, Rispoli detailed his observation about the filing, indicating that the XRP Trust filing is largely identical to similar paperwork from BlackRock regarding its iShares Ethereum Trust product.

Update on Fake BlackRock ETF Filing

Meanwhile, BlackRock has officially confirmed that the filing was fake. Emphatically, the asset manager said it did not file an iShares XRP Trust.

According to the Delaware Department of State, the matter has been reported to the state’s Department of Justice (DoJ).

Even though the DoJ is currently investigating the matter, the filing is still listed on the Delaware Department of State’s Division of Corporations website at press time.

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