Key dealers
- SEC extended the review period for Franklin Templeton’s Spot XRP ETF to June 17, 2025.
- Various asset managers such as grayscale and bitwise also seek approval for XRP-based products.
US SEC has expanded the timeline for when it will determine whether Franklin Templenon’s Spot XRP ETF, with the new decision date set for June 17, 2025, per newly issued notice.
Securities Regulator said they need additional time to evaluate the proposed rule change submitted by CBOE BZX Exchange to list and trade in ETF shares, also known as Franklin XRP Fund.
The applicationOriginally submitted on March 13, was published in the Federal Register on March 19, with a first 45-day review period which would expire on May 3, 2025.
“The Commission thinks it is appropriate to appoint a longer period within which one should take action against the proposed rule change so that it has enough time to consider the proposed rule change and the issues raised there,” stated Sec in its archiving.
Franklin Templeton, which manages over $ 1.5 trillion in customer assets, submitted its S-1 registration form to SEC last month. The company joins other asset managers such as Grayscale, Bitwise, 21Shares and Wisomtree to seek approval for XRP-based investment products.
XRP, the fourth largest crypto supply by market value, is traded at about $ 2.3 at the press time, which shows an increase of 7% over the past seven days, according data.
SEC on Tuesday as well delayed decisions On other crypto ETF applications, including Fidelity’s Spot Ethereum ETF with staking functions, Bitwise’s Spot Dogecoin ETF and Franklin Spot Solana ETF.
SEC’s decision to postpone its decision can frustrate some investors, but it follows a familiar pattern. The review process is often multifaceted and designed to deal with regulatory problems, collect additional data and invite public comment.
Bloomberg Intelligence -Analyst James Seyffart previously described the delay as “standard procedure” and stated that it does not affect the total chances of approval. He noted that the final deadlines for decisions about these ETF will not arrive until October.
Yes, Sec only pointed to a bunch of alt -coin ETF applications including Litecoin, Solana, XRP & Dogge. It is expected because this is the standard procedure & Atkins has not even been confirmed yet. This does not change our (relatively high) odds of approval. Also note that the last deadlines …
– James Seyffart (@jseyff) March 11, 2025
His colleague, Eric Balchunas, also pointed out in a recent statement that similar delays occurred with approval of Bitcoin and ETHER ETFS. In these cases, the launches were part of the regulatory process and did not prevent any approval.
