The U.S. Securities and Exchange Commission (SEC) has extended its decision-making deadline for the proposed XRP exchange-traded fund (ETF) filed by Franklin Templeton. The filing, submitted through the Cboe BZX Exchange on March 13, 2025, seeks approval to list and trade shares of the Franklin XRP Fund.
The proposed rule change was initially published for public comment in the Federal Register on March 19, 2025. Under Section 19(b)(2) of the Securities Exchange Act of 1934, the SEC is generally required to act on such filings within 45 days, setting an original deadline of May 3, 2025.
However, the Commission has exercised its authority to defer its decision and has now set June 17, 2025, as the new deadline to either approve or initiate proceedings to determine whether to disapprove the XRP ETF.
Franklin Templeton, a major asset manager with over $1.5 trillion in assets under management, is the largest institutional entity to pursue an XRP-based ETF product. Its filing marks a significant development in the SEC's broader review of cryptocurrency ETFs.
In a separate development, the SEC has also postponed its decision on the Bitwise Dogecoin ETF. The application, filed by NYSE Arca on March 3, 2025, proposes to list and trade the ETF shares under Rule 8.201-E for Commodity-Based Trust Shares.
The notice of the proposed rule change published in the Federal Register on March 17, 2025, gave the SEC an initial deadline of May 1, 2025, to respond. However, consistent with regulatory procedures under the Securities Exchange Act, the Commission has extended the review period.
The SEC has now scheduled June 15, 2025, as the new deadline to make a final decision or begin proceedings regarding the Bitwise proposal.
These extensions allow enough time for the Commission to adequately evaluate both applications and the legal and market-related considerations involved.
