- Franklin Templeton has submitted an S-1 form to the SEC to obtain approval for an XRP ETF.
- The SEC has postponed its decision on XRP ETF applications from Grayscale and Canary Capital.
- XRP has surged by 6% in the last 24 hours as the cryptocurrency market attempts a rebound.
On Tuesday, Franklin Templeton filed an S-1 with the Securities and Exchange Commission (SEC) to establish the Franklin XRP Trust. In conjunction with this filing, the SEC announced it would delay its ruling on the XRP ETF proposals from Grayscale and Canary Capital.
Franklin Templeton seeks SEC approval for XRP ETF
Franklin Templeton filed an S-1 registration document with the SEC, requesting approval to launch an XRP ETF. This proposed ETF is intended to trade on the Cboe BZX Exchange and will use Coinbase Custody as the custodian for its XRP assets.
“The Fund aims to generally reflect the performance of XRP’s price before accounting for the Fund’s expenses,” the filing articulates.
With this filing, Franklin joins a collective of firms including Bitwise, 21Shares, Grayscale, WisdomTree, Canary Capital, and CoinShares, all waiting for regulatory clearance for their XRP ETF submissions.
Previously, the SEC acknowledged receiving XRP ETF filings from these firms, signifying it may also recognize Franklin’s application. Once a filing is acknowledged, the regulator has a 240-day period to approve or deny the ETF.
Analysts from Bloomberg, Eric Balchunas and James Seyffart, have posited that XRP ETFs have a 65% likelihood of receiving SEC approval in 2025.
In the meantime, the SEC announced on Tuesday it would delay its decision regarding the Canary XRP ETF and the Grayscale XRP ETF.
“The Commission finds it appropriate to designate a longer period for consideration of the proposed rule change, allowing sufficient time to address the issues raised,” stated Sherry Haywood, Assistant Secretary of the SEC.
“Thus, pursuant to Section 19(b)(2) of the Act, the Commission designates May 21, 2025, as the deadline by which it will either approve or disapprove, or initiate proceedings to evaluate whether to disapprove the proposed rule change,” she concluded.
Additionally, XRP has joined the cryptocurrency market in its recovery efforts, rising 6% over the past 24 hours to approximately $2.20 at the time of this report.