- Franklin Templeton has filed for an XRP ETF with the SEC
- The SEC says it will delay its decision-making on XRP ETF filings
- XRP surged 16% following Franklin Templeton’s ETF filing announcement
Global investment firm Franklin Templeton has applied for an XRP ETF with the US Securities and Exchange Commission (SEC).
After the firm’s filing on Tuesday, the SEC announced it would delay its decision on earlier applications filed by Canary Capital and Grayscale.
According to an S-1 registration Franklin Templeton submitted to the SEC, the investment firm plans to trade its XRP ETF product, if approved, on the Cboe BZX exchange, using Coinbase Custody as the custodian for its XRP holdings. A section of the filing stated that the fund aims to reflect the overall performance of XRP’s price.
The Growing List of XRP ETF Applicants
Besides Franklin Templeton, other investment firms have already filed for XRP ETFs with the SEC, including Bitwise, 21Shares, Grayscale, WisdomTree, Canary Capital, and CoinShares. All these firms are waiting for the SEC’s approval before launching products that will make XRP available for institutional investors, similar to what happened with Bitcoin and Ethereum last year.
Related: XRP ETF Race Kicks Into High Gear: Bullish Rebound Possible?
According to SEC laws, the regulatory commission has a 240-day window to decide whether to approve or deny Franklin Templeton’s application. Meanwhile, ETF analysts Eric Balchunas and James Seyffart forecast a 65% chance that the SEC will approve XRP ETFs before the end of 2025.
The SEC’s Assistant Secretary Sherry Haywood noted that the commission has decided to take more time before ruling on the proposed rule change. According to Haywood, that would give the institution sufficient time to analyze the issues raised.
XRP Price Surge to XRP ETF Filings
XRP’s price jumped 16% on Tuesday following Franklin Templeton’s ETF application.
Related: Ripple CEO: XRP ETF Approval “Inevitable” – Analyzing Potential XRP Price Reaction
The altcoin bounced off a $1.897 monthly low to reach $2.245 in the early hours of Wednesday before pulling back slightly to trade for $2.160 at the time of writing, according to data from TradingView.
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