SEC delays Franklin XRP and Dog Spot ETF decision

The Securities and Exchange Commission (SEC) has extended its decision deadline for the XRP Exchange-Trade Fund (ETF) filed by Franklin Templeton.

The Securities and Exchange Commission (SEC) has extended its decision deadline for the XRP Exchange-Trade Fund (ETF) filed by Franklin Templeton. The filing was filed on March 13, 2025 through the CBOE BZX Exchange seeks approval to list and trade shares in the Franklin XRP Fund.

The proposed rule changes were originally published in the Federal Register on March 19, 2025. Under Section 19(b)(2) of the Securities Exchange Act of 1934, the SEC usually requires action on such documents within 45 days and sets the original deadline for May 3, 2025.

However, the Commission has exercised its authority to extend its decision and has now set the new deadline to June 17, 2025 for approval or filing a lawsuit to determine whether it disapproves of the XRP ETF.

Franklin Templeton is a major asset management company with over $1.5 trillion in assets under management and is the largest institutional entity pursuing XRP-based ETF products. Its submission marks an important development in the SEC's wider review of cryptocurrency ETFs.

In another development, the SEC has also postponed its decision on the dog ETF. The application was filed by the New York Stock Exchange ARCA on March 3, 2025 and recommends listing of ETF shares under Rule 8.201-E for commodity-based trust shares.

The proposed rule change notice issued in the Federal Gazette on March 17, 2025 gives the SEC an initial deadline, with the deadline on May 1, 2025. However, consistent with regulatory procedures under the Securities Exchange Act, the Commission has extended the review period.

The SEC now plans to start a new deadline for the final decision on June 15, 2025, or to begin litigation regarding the proposal.

These extended procedures provide the Commission with sufficient time to fully assess the application and the legal and market-related considerations involved.

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