富兰克林·邓普顿（Franklin Templeton）的XRP ETF仍然处于困境，等待SEC判决

Templeton的XRP ETF仍然处于困境，在SEC的队列中闲置，没有判决。

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.

美国证券交易委员会（SEC）已推迟了对富兰克林·邓普顿（Franklin Templeton）申请交易所交易基金（ETF）的裁决的截止日期，该基金（ETF）跟踪了XRP加密货币的现货价格。

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日之前进行判决。主要资产管理公司富兰克林·邓普顿（Franklin Templeton）于2025年3月13日将该概念提交了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.

交换措施遵循BZX概述的要求。公众通知公众通过联邦公报于2025年3月19日获得。

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.

根据1934年《美国证券交易所法》第19（b）（2）条的要求，法律必须在出版日期以来的45天或最多90天（如有必要）内决定这些建议。截至2025年5月3日的审查期的实施标志着其45天间隔的开始。

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.

根据SEC，必须延长此审核期的时间限制。委员会需要更多时间来对拟议的规则更改进行完整评估，同时还可以在审查期间处理潜在的问题。

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.

根据SEC的说法，延长时期将进行更全面的评估。在2025年6月17日的新截止日期之前，新机构必须批准，反对或提起进一步的诉讼，以决定拟议规则变更的命运。

Potential Timeline for Final Decision

最终决定的潜在时间表

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.

官方截止日期现在是2025年6月17日，但SEC在其监管框架中可能需要更长的时间。最长的审查期限为240天，这可能意味着最后一个决定将在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申请指出，该提案尚未引发任何公众聊天或反馈。缺乏反馈可以加快评论，但是SEC的加密货币表现出了彻底的透彻。

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.

投资者使用富兰克林XRP基金获得了XRP加密货币的接触，而无需资产所有权。对这一主张的批准将为XRP在美国金融系统中的市场进入带来巨大的动力。

Broader Context of Crypto ETF Delays

加密ETF延迟的更广泛背景

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.

富兰克林·邓普顿（Franklin Templeton）并不是唯一一家正在寻找基于加密的ETF的公司。灰度和位是其他资产管理人员，已向加密货币ETF提交了申请，包括基于以太坊，Solana和Polkadot的申请。预计在未来几个月内就这些文件进行决定。

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对加密货币ETF进行监管，因为其目的是投资者保护和维持市场稳定。现货价格加密货币ETF所面临的监管障碍源于对市场操纵和价格波动的担忧。

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先前在批准的现货比特币ETF上多年，只是在法院在2024年1月裁定他们需要重新评估该决定。其他Altcoin ETF（例如以太坊的XRP）也见证了延迟的模式。

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.

投资者和市场参与者密切关注这些发展。如果启动了批准的XRP ETF，它可能会提高机构对XRP的看法，并激励他们对其进行更多的投资，从而推动其市场的影响力。