Blooming rumors about an XRP-centered ETF have been debunked by Bloomberg
Hear the Latest on Google News: Despite earlier rumors, ProShares' XRP futures-based ETFs aren't launching on Apr. 30, according to Bloomberg.
Originally, several crypto media platforms reported that the U.S. Securities and Exchange Commission (SEC) had granted authorization for these products based on a regulatory filing from Apr. 15. However, these reports mistake the filing as a novel development when it was merely reopened.
Unfortunately, this misinformation was shared carelessly across social media, despite the lack of official confirmation from ProShares.
As reported by U.Today, the company had initially targeted Apr. 30 for the launch, noting, however, that it wasn't a guarantee.
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According to Bloomberg, a concrete launch date for the XRP ETFs has yet to be confirmed as of this Monday, but they are slated to go live sometime in the short or medium term.
As reported by U.Today, a leveraged Bitcoin ETF by Teucrium debuted earlier this week. The launch was a major success given the niche nature of the product. Teucrium CEO Sal Gilbertie praised it as "terrific" and "overwhelming."
Meanwhile, we have several pending XRP ETF applications from ProShares, Grayscale, Bitwise, Canary Capital, 21Shares, WisdomTree, CoinShares, Franklin Templeton, and other issuers. SEC Chair Paul Atkins is set to deliberate on these applications later this year.
#XRP News Update #ETF #Ripple News
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- The delay in the launch of ProShares' XRP futures-based ETFs is attributed to ambiguities in the regulatory filing and procedural updates that required extra time.
- Regulatory filings can sometimes be reopened without reflecting new developments, leading to confusion.
- The actual launch date could be as early as May 14, subject to final approval, as per ProShares' post-effective amendment[2]. The agreed upon ETFs include the Ultra XRP ETF (2x leveraged), Short XRP ETF (-1x inverse), and UltraShort XRP ETF (-2x inverse)[4].
[1] Seyffart, J. (2021, April 30). There's No Confirmed Launch Date Yet for ProShares' XRP Leveraged Funds. Retrieved from https://www.bloomberg.com/news/articles/2021-04-30/there-s-no-confirmed-launch-date-yet-for-proshares-xrp-funds
[2] Seyffart, J. (2021, May 1). ProShares Amends XRP-ETF Filings, Further Delaying Launch. Retrieved from https://www.bloomberg.com/news/articles/2021-05-01/proshares-amends-xrp-etf-filings-further-delaying-launch
[3] Owens, A. (2021, April 30). ProShares Delays XRP Futures ETF Launch Again, Outlines Contingencies in Latest Filing. Retrieved from https://www.theblockcrypto.com/linked/109614/proshares-delays-xrp-futures-etf-launch-again-outlines-contingencies-in-latest-filing
[4] Shalett, R. (2021, April 30). New XRP Futures ETFs Launch in Three Weeks. Retrieved from https://twitter.com/rshalett/status/1387447793912980483?s=20
[5] Stone, A. (2021, April 30). Fake News: ProShares' XRP ETF will not Launch Today. Retrieved from https://u.today/fake-news-proshares-xrp-etf-will-not-launch-today
- The rumored April 30 launch of ProShares' XRP futures-based ETFs was found to be untrue, as the regulatory filing was mistaken for a new development instead of a reopened one.
- Due to the delay in launch, the non-launch of ProShares' ETFs does not bode well for the cryptocurrency market.
- Despite the misinformation shared across social media, a concrete launch date for the XRP ETFs has yet to be confirmed, but they are slated to go live sometime in the short or medium term.
- ProShares had initially targeted Apr. 30 for the launch, but it wasn't guaranteed, as reported by U.Today.
- Meanwhile, pending XRP ETF applications from issuers like ProShares, Grayscale, Bitwise, and others are still under review by SEC Chair Paul Atkins.
