The U.S. Securities and Exchange Commission (SEC) has chosen to prolong its review of Franklin Templeton’s proposed spot XRP exchange-traded fund (ETF), shifting the deadline to June 17, 2025. This update was detailed in an official notice, stating that the agency requires more time to analyze the application carefully.
The decision underscores the SEC’s measured approach to crypto-related investment offerings, as it continues to assess the broader implications and regulatory challenges associated with such products.
Franklin Templeton Files for XRP ETF
Franklin Templeton, a major player in the finance world with over $1.5 trillion in assets under management, filed for an XRP ETF on March 13, with the official proposal published in the Federal Register on March 19. Initially, the SEC was expected to respond by May 3. However, due to the application’s complications, the SEC requested additional time to carefully review the proposed rule change and the concerns surrounding it.
SEC Extends XRP ETF Decision
As a result, the SEC has moved the decision deadline for Franklin Templeton’s XRP spot ETF application to June 17, giving itself more time to review the proposal carefully. This delay highlights the growing importance of crypto-related financial products and the SEC’s close scrutiny of their potential market impact. Source from SEC.
XRP’s ETF Fate in SEC’s Hands
Franklin Templeton’s application to list the Franklin XRP Trust on the Cboe BZX Exchange could make it the first U.S.-based spot XRP ETF. This would let investors track XRP’s price without actually owning the asset. For the XRP community, this represents a significant step forward, particularly since they have been advocating for increased institutional support for the cryptocurrency.
The filing comes at a crucial time, with growing interest in the outcome of the Ripple lawsuit and ongoing discussions about the regulation of XRP. The market is waiting for clearer rules, and many are hoping that SEC Chair Paul Atkins, known for his support of crypto, will lead to more favorable decisions. Despite past delays, there is still hope for a favorable resolution as the regulatory situation continues to unfold.
XRP Price Remains Stable Despite ETF Delay
Even with the SEC delaying its decision, XRP’s price has stayed fairly steady, trading around $2.29 with small daily gains. At the time of writing, the token saw a 0.86% increase, showing that investors remain confident. However, trading volume has dropped by over 46% to $2.64 billion. This suggests that, despite the uncertainty around the ETF approval, XRP’s value is holding strong.
Final Thoughts
The SEC’s decision to delay its review of Franklin Templeton’s proposed spot XRP ETF shows how important crypto-related investment products are becoming, along with the challenges they bring. As the SEC takes more time to look into the ETF, the XRP community is hopeful this could lead to more support from big investors. Even with the uncertainty around the approval, XRP’s price has stayed steady, showing that investors are still confident. With the new deadline set for June 17, everyone is waiting for the SEC’s final decision, which could shape the future of XRP and similar crypto investments.
