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Market News Franklin Templeton Files for XRP ETF, SEC Delays Decision on Canary and Grayscale Applications

Franklin Templeton Files for XRP ETF, SEC Delays Decision on Canary and Grayscale Applications

Franklin Templeton filed an S-1 with the SEC to launch an XRP ETF. Meanwhile, the SEC delayed its decision on Canary Capital and Grayscale’s XRP ETF applications.

2025-03-12

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XRP

Franklin Templeton filed an S-1 registration application with the U.S. Securities and Exchange Commission (SEC) on Tuesday, seeking to launch the Franklin XRP Trust. Following the filing, the SEC announced it would delay its decision on Canary Capital and Grayscale’s XRP ETF applications.

Franklin Templeton filed an S-1 registration application seeking permission to launch an XRP ETF. The proposed ETF would trade on the Cboe BZX exchange and utilize Coinbase Custody as the custodian for its XRP holdings.

“The Fund is designed to reflect the overall performance of the price of XRP. The Fund is designed to reflect such performance before paying Fund expenses,” the application reads.

With this filing, Franklin joins Bitwise, 21Shares, Grayscale, WisdomTree, Canary Capital, and CoinShares awaiting potential regulatory approval for their XRP ETF applications.

The SEC had earlier acknowledged the companies’ XRP ETF submissions, indicating that it may also receive Franklin’s application. After accepting the application, the regulator has 240 days to approve or reject the product.

Bloomberg analysts Eric Balchunas and James Seyffart predict that the XRP ETF has a 65% chance of being approved by the SEC in 2025.

Meanwhile, the SEC announced on Tuesday that it would delay its decisions on the Canary XRP ETF and the Grayscale XRP ETF.

“The Commission believes that it is appropriate to designate a longer period of time for taking action on the proposed rule change to allow adequate time to consider the proposed rule change and the issues raised therein,” wrote SEC Assistant Secretary Sherry Haywood.

“Accordingly, the Commission designates May 21, 2025, as the date by which the Commission shall approve or disapprove, or initiate proceedings to determine whether to disapprove, the proposed rule change, pursuant to section 19(b)(2) of the act,” she added.

XRP is marking a recovery in the crypto market, gaining 6% in the past 24 hours.