The U.S. Securities and Exchange Commission (SEC) has delayed its decision on a proposed spot XRP exchange-traded fund (ETF) from asset manager Franklin Templeton.
According to the filing published this week, the new deadline for a decision is now set for June 17, 2025
Franklin Templeton applied on March 13, 2025, through the Cboe BZX Exchange. The proposal was officially listed for public comment in the Federal Register on March 19, 2025.
Under the rules, the SEC was expected to make an initial decision by May 3, 2025. However, the Commission said it needed more time to carefully review the application and the issues surrounding it. The ETF would be listed under BZX Rule 14.11(e)(4), which is the rule for Commodity-Based Trust Shares.
In its notice, the SEC said, “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
Franklin Templeton, which manages more than $1.5 trillion in assets, is the biggest institutional firm so far to file for an XRP-based fund.
The ETF, called the Franklin XRP Fund, is one of many recent crypto-related applications waiting on a green light. Along with XRP, the SEC is also reviewing ETF filings tied to Solana, Ethereum, and Dogecoin.
The SEC this week also pushed back a decision on Bitwise’s Dogecoin ETF application, which was filed on March 3, 2025, through NYSE Arca. That decision is now expected by June 15, 2025.
Franklin Templeton also submitted an S-1 registration form for the XRP fund in March. Other firms like Grayscale, Bitwise, WisdomTree, and 21Shares are also seeking to launch XRP-related products.
XRP is currently the fourth-largest cryptocurrency by market cap and was trading at around $2.29, according to CoinMarketCap, showing a 7% rise over the past week.
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