The U.S. Securities and Exchange Commission (SEC) announced on September 10, 2025, that it will extend the review period for the proposed Franklin XRP exchange-traded fund (ETF) filed by Cboe BZX Exchange. This marks the third postponement since the application was submitted on March 13, 2025, under BZX Rule 14.11(e)(4) for commodity-based trust shares.
SEC Sets New November Deadline
The regulator had already delayed its decision once in April and initiated formal proceedings in June, with a deadline originally set for September 15. The new order designates November 14, 2025 as the final date for approval or disapproval. In its notice, the SEC explained that “extending the period allows sufficient time to consider the proposed rule change and the issues raised therein.”
Despite the delay, market sentiment remains overwhelmingly positive. Decentralized prediction market Polymarket showed a 92% implied probability of approval for a spot XRP ETF as of September 10. Industry experts believe the interaction between filers and SEC staff, reflected in recent amended filings, is a positive sign.
Institutional Rush: 8 Asset Managers Vie for XRP ETF
Franklin Templeton is not alone. A total of eight major asset management firms have filed for XRP exchange-traded products or ETFs with the SEC. Grayscale is seeking to convert its existing XRP Trust into an ETF; others include 21Shares, Bitwise, WisdomTree, Canary Capital, CoinShares, and REX & Osprey. These applications follow the successful approvals of spot bitcoin and ether ETFs, indicating growing institutional appetite for XRP as a regulated investment vehicle.
Nate Geraci, president of NovaPoint 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.” Bloomberg ETF analysts James Seyffart and Eric Balchunas maintained their 95% approval forecast, citing positive regulatory engagement.
Regulatory Landscape: XRP’s Legal Clarity Paves the Way
The XRP ecosystem has undergone a significant transformation since the 2023 court ruling that declared XRP not a security when traded on secondary markets. This legal clarity has opened the door for ETF products, and the SEC’s cautious stance is widely interpreted as procedural rather than oppositional. With bitcoin and ether ETFs already live, analysts argue that XRP is the next logical step in expanding regulated crypto investment opportunities.
The SEC is simultaneously reviewing multiple XRP ETF applications from firms like 21Shares and Bitwise. A potential approval of Franklin’s product could set a precedent, though regulators may choose to approve several at once to avoid market distortion. Market expectations currently center on a decision window between Q4 2025 and Q1 2026.