The U.S. Securities and Exchange Commission (SEC) announced on September 10 that it will extend the review period for the proposal filed by Cboe BZX Exchange Inc. to list and trade the Franklin XRP ETF. The application, submitted by Franklin Templeton on March 13, 2025, seeks approval under BZX Rule 14.11(e)(4) governing commodity-based trust shares, marking the first spot XRP exchange-traded fund from a major global asset manager.
This marks the SEC’s second delay on the product. The regulator first postponed a decision in April, initiated formal proceedings in June, setting an original deadline of September 15. By law, the Commission must act within 180 days of Federal Register publication, but it now designates November 14, 2025 as the new date for an approval or disapproval order. In its notice, the SEC stated:
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, and the issues raised therein.”
Wave of Filings and Bullish Market Sentiment
Several asset management firms have filed with the SEC to launch XRP exchange-traded products (ETPs), aiming to provide investors with direct exposure to XRP through regulated vehicles. Filers include Grayscale, which seeks to convert its existing XRP Trust into an ETF, along with 21Shares, Bitwise, Franklin Templeton, Wisdomtree, Canary Capital, Coinshares, and REX & Osprey. These filings reflect surging institutional interest in XRP, following the approval of spot bitcoin and ethereum ETFs earlier this year.
Despite the SEC’s cautious posture, market sentiment is moving in the opposite direction. As of September 10, data from Polymarket showed an implied probability of 92% for the approval of a spot XRP ETF. Amendments to filings by multiple asset managers suggest active dialogue with SEC staff, often seen as a precursor to approval. Bloomberg ETF analysts James Seyffart and Eric Balchunas maintained their approval forecast at 95%, reflecting growing confidence that regulatory engagement is progressing.
Industry Experts Confident
Industry experts reinforce this optimism. Nate Geraci, president of Novadius Wealth Management, stated on X: “Personally think closer to 100% … People are severely underestimating investor demand for spot XRP & SOL ETFs. Just like they did w/ spot BTC & ETH ETFs.” With bitcoin and ethereum ETFs already in place, many analysts argue that an XRP product represents the next logical step in expanding regulated crypto investment opportunities. Franklin Templeton’s deep track record in traditional finance adds credibility to the filing, and the SEC’s extended review is widely seen as part of a standard process rather than a sign of rejection. The final decision on November 14 will be a key milestone for the broader crypto ETF landscape.