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Why The SEC Keeps Telling Franklin Templeton “Not Yet” on XRP ETF Listing

BBG News

The U.S. Securities and Exchange Commission (SEC), in a grand show of caution that would make even the most paranoid turtle proud, has decided to extend its review of Franklin Templeton’s glittering XRP exchange-traded fund (ETF) proposal. The delay? A mere 45 days, of course. Time enough for an extra cup of coffee and perhaps some minor existential reflection.

SEC Takes a Leisurely 45 Extra Days to Ponder Franklin XRP Fund’s Fate

In a statement that had all the drama of a slow-motion car crash, the SEC announced on Tuesday that it would be delaying its decision on Cboe BZX Exchange’s attempt to list and trade shares of the Franklin XRP Fund. What is the holdup, you ask? The commission simply “needs more time” to evaluate the filing. It was supposed to give a verdict by May 3rd but has now pushed that to June 17, 2025. Because, why rush? 😎

Cboe BZX made its move back on March 13, proposing this ETF under the commodity trust share guidelines. The SEC, ever so diligent, posted the proposal for public comment on March 19 but — surprise, surprise — received zero feedback. It’s almost like no one cares about crypto anymore, right? 🧐

Under federal law, the SEC has up to 90 days to approve, deny, or initiate proceedings to reject such proposals. That means, technically, we’re still within the window for drama, suspense, and nail-biting tension.

But wait — there’s more! The crypto market has been having a rough relationship with regulators recently. These poor investment products are under so much scrutiny, it’s like they’ve got a spotlight trained on them at all times, reminding them that stability and investor protection are the name of the game. The SEC has also extended its review of Bitwise Asset Management’s application to launch a Dogecoin ETF, making sure that the Doge army doesn’t take over the financial world just yet. That delay, in case you’re wondering, now stretches all the way to June 15. 🐕

These delays show that the SEC isn’t exactly the life of the party when it comes to crypto-based financial products. It’s taking a “let’s-sit-this-one-out-and-see-what-happens” approach. But insiders, with all the optimism of a well-fed housecat, believe that with the Trump administration in power, these types of funds will eventually get the green light. Because who could resist, right? 😏

But don’t get too excited just yet. These delays could signal that the SEC has some lingering concerns about the technical aspects of crypto, like custody and liquidity frameworks. So while the crypto world is trying to get mainstream investment products tied to altcoins, it seems the regulators are still trying to find their bearings. Hold onto your hats — or maybe your digital wallets — folks, this ride isn’t over yet. 🕵️‍♂️

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2025-04-29 22:27

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