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Of all the asset managers filing for a spot XRP ETF so far, Franklin is the largest.
Key Takeaways
- The SEC extended the review period for Franklin Templeton's spot XRP ETF to June 17, 2025.
- Various asset managers like Grayscale and Bitwise are also seeking approval for XRP-based products.
The US SEC has extended the timeline for when it will rule on Franklin Templeton’s spot XRP ETF, with the new decision date set for June 17, 2025, per a newly issued notice.
The securities regulator said they need additional time to evaluate the proposed rule change filed by Cboe BZX Exchange to list and trade shares of the ETF, also known as the Franklin XRP Fund.
The application, originally filed on March 13, was published in the Federal Register on March 19, with an initial 45-day review period set to expire on May 3, 2025.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC stated in its filing.
Franklin Templeton, which manages over $1.5 trillion in client assets, submitted its S-1 registration form to the SEC last month. The firm joins other asset managers like Grayscale, Bitwise, 21Shares, and WisdomTree in seeking approval for XRP-based investment products.
XRP, the fourth-largest crypto asset by market capitalization, traded at approximately $2.3 at press time, showing a 7% increase over the past seven days, according to CoinGecko data.
The SEC on Tuesday also delayed decisions on other crypto ETF applications, including Fidelity’s spot Ethereum ETF with staking features, Bitwise’s spot Dogecoin ETF, and Franklin’s spot Solana ETF.
The SEC’s decision to postpone its ruling may frustrate some investors, but it follows a familiar pattern. The review process is often multi-phased and designed to address regulatory concerns, collect additional data, and invite public comment.
Bloomberg Intelligence analyst James Seyffart previously described the delay as “standard procedure” and stated that it doesn’t impact the overall chances of approval. He noted that the final deadlines for decisions on these ETFs don’t arrive until October.
Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It's expected as this is standard procedure & Atkins hasn't even been confirmed yet. This doesn't change our (relatively high) odds of approval. Also note that the final deadlines…
— James Seyffart (@JSeyff) March 11, 2025
His colleague, Eric Balchunas, also pointed out in a recent statement that similar delays occurred with the approval of Bitcoin and Ether ETFs. In those cases, the postponements were part of the regulatory process and didn’t prevent eventual approval.
Disclaimer
English (US) · 