- The SEC set November 14, 2025, as the final deadline for the Franklin spot XRP ETF decision.
- Other XRP ETF filings face hard October dates, including October 19 for 21Shares and October 24 for WisdomTree.
The US Securities and Exchange Commission delayed its decision on Franklin Templeton’s proposed spot XRP exchange-traded fund and designated November 14, 2025, as the statutory final deadline. The designation extends the review under Section 19(b)(2) of the Exchange Act following the proposal’s publication in the Federal Register earlier this year.
Final deadline set for Franklin XRP ETF
The filing seeks to list and trade shares of the Franklin XRP ETF on Cboe BZX as Commodity-Based Trust Shares under BZX Rule 14.11(e)(4). The initial 180-day review period would otherwise have lapsed in mid-September. The Commission exercised an additional 60-day extension to allow more time to evaluate issues that typically include market-surveillance arrangements, liquidity conditions, valuation methodology, custody practices, and the role of authorized participants. The extension keeps Franklin’s application aligned with the regulator’s established timeline mechanics for digital-asset products.
The SEC’s designation does not imply an outcome. It indicates that the agency requires further analysis of whether the proposed structure and information-sharing agreements meet Exchange Act standards. Sponsors in comparable filings often submit updated disclosures and technical clarifications during this window. Exchanges may also supplement the record with data on spot market integrity, depth, and the robustness of information sharing with significant trading venues.
October brings a cluster of XRP ETF decisions
The Franklin timeline falls amid a compressed set of October deadlines for other spot XRP products. The Commission set October 19, 2025, as the action date for the 21Shares Core XRP Trust and October 24, 2025, for the WisdomTree XRP Fund. Both proposals also center on listings at Cboe BZX. The clustering creates a four-week window in which the regulator must issue binary decisions across multiple XRP-linked vehicles. The agency commonly coordinates cross-file reviews to ensure consistent treatment of surveillance protocols, pricing sources and risk disclosures.
For market participants, the calendar provides clearer visibility on sequencing. An approval would establish a regulated instrument that could broaden institutional access to XRP exposure through standard brokerage and retirement accounts. A denial would likely hinge on concerns about resistance to manipulation, the sufficiency of information-sharing or the quality and representativeness of spot-market data. Trading flows into digital-asset ETPs often track macro conditions and policy signals, which means liquidity around these dates can shift quickly as decisions are published.
