The U.S. Securities and Exchange Commission (SEC) announced on Tuesday that it will delay its decision on whether to approve the listing of the Franklin Templeton XRP exchange-traded fund (ETF), extending the review period by 45 days. The new deadline for the ruling is now June 17, 2025, instead of the original May 3.
Background of the Filing
Cboe BZX Exchange initially submitted the proposed rule change on March 13, 2025, seeking to list and trade shares of the Franklin XRP Fund under its commodity-based trust share guidelines. The SEC published the filing for public comment on March 19, but received no feedback during the 21-day review period. Under federal securities laws, the regulator has up to 90 days to approve, deny, or initiate proceedings to reject such proposals.
This marks the latest regulatory hurdle for crypto-linked investment products, which face heightened scrutiny over market stability and investor protections. In a separate filing, the SEC also extended its review of Bitwise Asset Management’s application to launch a Dogecoin ETF, pushing that decision to June 15, 2025.
Regulatory Stance and Market Implications
Both extensions reflect the agency’s cautious approach to cryptocurrency-based financial instruments amid evolving market risks. SEC officials have not elaborated on specific concerns but noted the extensions ensure “sufficient time to consider the proposed rule changes.” Many market observers believe, however, that with the Trump administration currently in office, these types of funds will eventually be approved, though the timeline remains uncertain.
The delays could signal deeper regulatory reservations or technical evaluations of custody and liquidity frameworks. The decisions come as the crypto industry intensifies efforts to offer mainstream investment products tied to altcoins, but regulatory approvals remain unpredictable. The XRP community has closely watched the Franklin Templeton filing, as it represents one of the first attempts to bring an XRP-focused ETF to the U.S. market. Meanwhile, the Bitwise Dogecoin ETF delay adds to the growing list of crypto ETFs facing prolonged SEC review.
Industry analysts suggest that the SEC may be waiting for clearer guidance from the Commodity Futures Trading Commission (CFTC) on whether altcoins like XRP and Dogecoin are commodities or securities. The legal status of XRP remains contentious after the SEC’s lawsuit against Ripple Labs, though part of that case was resolved in 2023. The Franklin Templeton ETF filing relies on the premise that XRP is a commodity, a classification that could determine its path to approval. Market participants are advised to monitor the SEC’s final decision in June, as it could set a precedent for future altcoin ETF listings.