Key Takeaways
- The SEC prolonged the assessment interval for Franklin Templeton’s spot XRP ETF to June 17, 2025.
- Numerous asset managers like Grayscale and Bitwise are additionally in search of approval for XRP-based merchandise.
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The US SEC has prolonged the timeline for when it is going to rule on Franklin Templeton’s spot XRP ETF, with the brand new choice date set for June 17, 2025, per a newly issued notice.
The securities regulator mentioned they want extra time to judge the proposed rule change filed by Cboe BZX Trade to record and commerce shares of the ETF, often known as the Franklin XRP Fund.
The application, initially filed on March 13, was printed within the Federal Register on March 19, with an preliminary 45-day assessment interval set to run out on Could 3, 2025.
“The Fee finds it acceptable to designate an extended interval inside which to take motion on the proposed rule change in order that it has ample time to contemplate the proposed rule change and the problems raised therein,” the SEC acknowledged in its submitting.
Franklin Templeton, which manages over $1.5 trillion in consumer belongings, submitted its S-1 registration form to the SEC final month. The agency joins different asset managers like Grayscale, Bitwise, 21Shares, and WisdomTree in in search of approval for XRP-based funding merchandise.
XRP, the fourth-largest crypto asset by market capitalization, traded at roughly $2.3 at press time, displaying a 7% enhance over the previous seven days, based on CoinGecko data.
The SEC on Tuesday additionally delayed decisions on different crypto ETF purposes, together with Constancy’s spot Ethereum ETF with staking options, Bitwise’s spot Dogecoin ETF, and Franklin’s spot Solana ETF.
The SEC’s choice to postpone its ruling could frustrate some buyers, however it follows a well-known sample. The assessment course of is commonly multi-phased and designed to handle regulatory considerations, accumulate extra information, and invite public remark.
Bloomberg Intelligence analyst James Seyffart beforehand described the delay as “commonplace process” and acknowledged that it doesn’t impression the general probabilities of approval. He famous that the ultimate deadlines for selections on these ETFs don’t arrive till October.
Sure, the SEC simply punted on a bunch of alt coin ETF filings together with Litecoin, Solana, XRP & DOGE. It is anticipated as that is commonplace process & Atkins hasn’t even been confirmed but. This does not change our (comparatively excessive) odds of approval. Additionally notice that the ultimate deadlines…
— James Seyffart (@JSeyff) March 11, 2025
His colleague, Eric Balchunas, additionally identified in a latest assertion that comparable delays occurred with the approval of Bitcoin and Ether ETFs. In these instances, the postponements had been a part of the regulatory course of and didn’t stop eventual approval.
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