富蘭克林·鄧普頓（Franklin Templeton）的XRP ETF仍然處於困境，等待SEC判決

Templeton的XRP ETF仍然處於困境，在SEC的隊列中閒置，沒有判決。

The U.S. Securities and Exchange Commission (SEC) has pushed back the deadline for a ruling on Franklin Templeton’s application for an exchange-traded fund (ETF) tracking the spot price of XRP cryptocurrency.

美國證券交易委員會（SEC）已推遲了對富蘭克林·鄧普頓（Franklin Templeton）申請交易所交易基金（ETF）的裁決的截止日期，該基金（ETF）跟踪了XRP加密貨幣的現貨價格。

An official file mandated a judgment by June 17, 2025, as of April 29, 2025. Major asset management firm Franklin Templeton submitted the concept to the Cboe BZX Exchange on March 13, 2025. Benjamin Franklin Templeton conceived the concept.

截至2025年4月29日，官方文件要求在2025年6月17日之前進行判決。主要資產管理公司富蘭克林·鄧普頓（Franklin Templeton）於2025年3月13日將該概念提交了CBOE BZX Exchange。

The exchange actions follow the requirements outlined by BZX. A public notice about the proposal became accessible to the general public through the Federal Register on March 19, 2025.

交換措施遵循BZX概述的要求。公眾通知公眾通過聯邦公報於2025年3月19日獲得。

The law demands, under Section 19(b)(2) of the Securities Exchange Act of 1934, that the SEC must decide these proposals within either 45 days from the publishing date or up to 90 days when necessary. Implementation of the review period ending on May 3, 2025, marked the beginning of its 45-day interval.

根據1934年《美國證券交易所法》第19（b）（2）條的要求，法律必須在出版日期以來的45天或最多90天（如有必要）內決定這些建議。截至2025年5月3日的審查期的實施標誌著其45天間隔的開始。

According to the SEC, the time limit for this review period must be extended. More time is required by the Commission for complete assessment of the proposed rule change while also handling potential problems during the review period.

根據SEC，必須延長此審核期的時間限制。委員會需要更多時間來對擬議的規則更改進行完整評估，同時還可以在審查期間處理潛在的問題。

The extended period will give a more thorough evaluation, according to the SEC. By the new deadline of June 17, 2025, the new agency must approve, disapprove, or initiate further proceedings to decide the fate of the proposed rule change.

根據SEC的說法，延長時期將進行更全面的評估。在2025年6月17日的新截止日期之前，新機構必須批准，反對或提起進一步的訴訟，以決定擬議規則變更的命運。

Potential Timeline for Final Decision

最終決定的潛在時間表

The official deadline is now June 17, 2025, but the SEC can take longer in its regulatory framework. The longest period for review is 240 days, which could mean that the last decision would be in mid-October 2025, on the 18th of October.

官方截止日期現在是2025年6月17日，但SEC在其監管框架中可能需要更長的時間。最長的審查期限為240天，這可能意味著最後一個決定將在10月18日至10月18日中旬。

The SEC filing notes that the proposal has yet to spark any public chatter or feedback. The lack of feedback could quicken the review, but the SEC’s crypto demonstrates thoroughness.

SEC申請指出，該提案尚未引發任何公眾聊天或反饋。缺乏反饋可以加快評論，但是SEC的加密貨幣表現出了徹底的透徹。

Investors gain exposure to XRP cryptocurrency using the Franklin XRP Fund without the asset ownership needed. An approval of this proposition would create significant momentum toward XRP’s market entry in U.S. financial systems.

投資者使用富蘭克林XRP基金獲得了XRP加密貨幣的接觸，而無需資產所有權。對這一主張的批准將為XRP在美國金融系統中的市場進入帶來巨大的動力。

Broader Context of Crypto ETF Delays

加密ETF延遲的更廣泛背景

Franklin Templeton is not the only company to be hunting for crypto-based ETFs. Grayscale and Bitwise are other asset managers that have filed applications for cryptocurrency ETFs of sorts, including ones based on Ethereum, Solana, and Polkadot. Decisions on these filings are expected in the coming months.

富蘭克林·鄧普頓（Franklin Templeton）並不是唯一一家正在尋找基於加密的ETF的公司。灰度和位是其他資產管理人員，已向加密貨幣ETF提交了申請，包括基於以太坊，Solana和Polkadot的申請。預計在未來幾個月內就這些申請的決定。

The SEC regulates cryptocurrency ETFs because its purpose is investor protection and maintaining market stability. The regulatory obstacles faced by spot price cryptocurrency ETFs stem from worries regarding market manipulation and price volatility.

SEC對加密貨幣ETF進行監管，因為其目的是投資者保護和維持市場穩定。現貨價格加密貨幣ETF所面臨的監管障礙源於對市場操縱和價格波動的擔憂。

For example, the SEC previously held off on approving spot Bitcoin ETFs for years, only for the court to rule in January 2024 that they needed to reevaluate the decision. The same pattern of delays has been witnessed with other altcoin ETFs, such as those of Ethereum, now XRP.

例如，SEC先前在批准的現貨比特幣ETF上多年，只是在法院在2024年1月裁定他們需要重新評估該決定。其他Altcoin ETF（例如以太坊的XRP）也見證了延遲的模式。

These developments are being closely watched by investors and market participants. If an approved spot XRP ETF is launched, it could rev up institutions’ view of XRP and motivate them to invest more in it, driving up its market presence.

投資者和市場參與者密切關注這些發展。如果啟動了批准的XRP ETF，它可能會提高機構對XRP的看法，並激勵他們對其進行更多的投資，從而推動其市場的影響力。