TLDR
- Former SEC lawyer Marc Fagel confirmed Jay Clayton, not Gary Gensler, filed the XRP lawsuit.
- Ripple partnered with Ondo Finance to tokenize U.S. Treasuries using XRP Ledger and BlackRock’s fund backing.
- BlackRock’s ETF $XDNA shares a ticker with DNA Protocol, a project on XRP Ledger, sparking speculation.
- Ripple’s tokenization roadmap mirrors BlackRock’s focus on real estate, CBDCs, carbon credits, and treasuries.
A conspiracy theory linking Ripple and BlackRock is gaining traction across social media. The theory suggests the two firms are working together to build a global financial system using XRP infrastructure.
At the center of the theory is the ongoing XRP lawsuit, which some believe was part of a larger plan. However, former SEC official Marc Fagel has dismissed this idea, stating that the legal case against Ripple was started under former SEC Chair Jay Clayton, not Gary Gensler.
Former SEC Lawyer Rejects XRP Lawsuit’s Role in Theory
A Ripple-BlackRock conspiracy theory has sparked debate on the X platform, with some users claiming that Ripple and BlackRock are working together on a shared financial infrastructure.
The theory links Ripple’s use of the XRP Ledger and BlackRock’s tokenization goals, suggesting the two firms are aligning through projects like Ondo Finance. Supporters argue that Ripple’s partnership with Ondo, which tokenizes U.S. Treasuries backed by BlackRock’s fund, signals a deeper collaboration.
Central to the theory is the belief that the XRP lawsuit was a strategic move to provide legal clarity for Ripple. Some speculate that the lawsuit, rather than being a regulatory action, was part of a broader plan involving the SEC, Ripple, and BlackRock.
(1/🧵) 🚨 I’ve uncovered the secret tie between BlackRock and Ripple…
They’ve been building the same system under different names.
Now the puzzle pieces are locking in:
Aladdin. XRP. Tokenized treasuries. Identity on-chain.This goes deeper than anyone realizes. 🧵 pic.twitter.com/pFfbpOvj4P
— Stellar Rippler🚀 (@StellarNews007) July 20, 2025
They cite overlapping backgrounds at Goldman Sachs among BlackRock executives, Ondo’s co-founder Nathan Allman, and SEC Chair Gary Gensler to support their claims.
Former SEC lawyer Marc Fagel has publicly rejected these claims. In a post on X, Fagel stated, “Ripple was sued under Trump/Clayton, long before Gensler was appointed to the SEC,” dismissing the idea that current SEC leadership initiated the lawsuit as part of a larger plan.
Alleged Ties Between Ripple, BlackRock, and Ondo Finance
The Ripple-BlackRock conspiracy theory has gained more attention due to the shared ticker symbol “$XDNA” between BlackRock’s ETF and the DNA Protocol project on the XRP Ledger. While BlackRock’s ETF focuses on health and genomics, the DNA Protocol project aims to use blockchain for managing medical and DNA identity data.
Supporters argue that this overlap points to a possible alignment in goals, particularly in the area of decentralized identity systems, where XRPL already offers support through its sovereign data and credentialing tools.
Some users also link this to shared professional ties. Figures connected to BlackRock, Ripple partner Ondo Finance, and former SEC Chair Gary Gensler all have prior roles at Goldman Sachs.
This overlap in backgrounds has raised questions about whether there is a coordinated effort involving these entities, though there is no official confirmation of any collaboration from Ripple, BlackRock, or the SEC.
Speculation continues as XRP Ledger’s tokenization roadmap seems to follow BlackRock’s strategy, covering assets like CBDCs, real estate, and commodities. Rumors also suggest BlackRock’s Aladdin system has tested Ripple’s technology for payments.
Shared Ticker and Roadmap Spark Speculation of Strategic Alignment
The theory also notes that BlackRock recently launched an ETF called $XDNA. Around the same time, a separate blockchain project called DNA Protocol, which also uses the XRP Ledger, launched a token with the same symbol. Supporters see this as another clue suggesting alignment between Ripple’s ecosystem and BlackRock’s strategy.
Additionally, XRP Ledger’s focus on tokenizing assets like real estate, carbon credits, and CBDCs appears to mirror BlackRock’s interest in these same areas. This similarity in direction has raised more questions, especially with some users claiming that BlackRock’s Aladdin system has been testing XRP Ledger for possible use in cross-border payments.
Despite these claims, there is no public record of a partnership between Ripple and BlackRock. SEC officials have not commented beyond denying any links between the lawsuit and such a theory.
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