Franklin Templeton Files XRP ETF, Joins Competitive Race

Franklin Templeton, a prominent investment management firm, has officially filed an S-1 registration form with the U.S. Securities and Exchange Commission (SEC) to launch an XRP exchange-traded fund (ETF). This move follows the company's earlier registration of the Franklin XRP Trust in Delaware. The proposed ETF, which will be listed on the CBOE BZX Exchange, aims to provide investors with access to XRP, currently the fourth-largest cryptocurrency by market capitalization. Coinbase Custody will be responsible for storing the XRP assets, with Coinbase acting as the prime broker. The fund's net asset value will be determined using the CME CF XRP-Dollar Reference Rate.

Franklin Templeton's entry into the XRP ETF race positions it alongside other asset managers such as Bitwise, 21Shares, Canary Capital, Grayscale, and WisdomTree, all of which are competing to launch an XRP ETF. The SEC has acknowledged several XRP ETF filings, including those from Grayscale, WisdomTree, Canary Capital, and CoinShares, which are currently under review and in the public commentary phase. The SEC's decision on these filings is expected to have a significant impact on the crypto market, as investors and traders await clarity on the regulatory landscape for crypto-related financial products.

The SEC has delayed its decision on multiple crypto spot ETFs, including those for Dogecoin (DOGE), Litecoin (LTC), Cardano (ADA), and Solana (SOL). The delays affect a range of altcoins, including Grayscale’s filings for DOGE, XRP, LTC, and ADA ETFs, as well as XRP ETFs filed by Canary Capital, Bitwise, and 21shares. Additionally, decisions on Solana ETFs filed by 21shares, Canary, and VanEck were also delayed. Canary’s Litecoin filing was the last altcoin-related ETF delay. The new deadline for the XRP ETF decision is May 22, 2025, affecting both the Canary Spot XRP ETF, Bitwise’s Spot XRP ETF, and the Grayscale Spot XRP ETF, all of which have been waiting for approval.

Despite the ongoing regulatory uncertainty, the recent ETF filing by Franklin Temple