SEC Delays Franklin Spot XRP ETF — Hard Deadlines Hit Next Month

The US Securities and Exchange Commission has pushed again its determination on Cboe BZX’s proposal to checklist the Franklin XRP ETF, setting a brand new outer restrict for motion on the file. In an order dated Sept. 10, the Commission “designates November 14, 2025 because the date by which the Commission shall both approve or disapprove” the proposed rule change to checklist and commerce shares of the fund. The submitting, which advances beneath BZX Rule 14.11(e)(4), confirms the company has used the total 60-day extension out there after instituting proceedings, pushing the Franklin utility to a tough deadline.

Franklin’s extension lands because the SEC’s XRP docket approaches a cluster of ultimate determination dates throughout a number of exchanges and sponsors. Under Section 19(b)(2) of the Exchange Act, as soon as the SEC opens proceedings on a 19b-4 proposal, it has as much as 180 days from publication within the Federal Register—plus a single 60-day extension—to both approve or disapprove. That is why the brand new order issues: it doesn’t merely “delay” within the colloquial sense; it exhausts the statutory clock and creates a date sure for a call. The Franklin order lays this out explicitly earlier than designating Nov. 14 because the deadline.

Final Deadlines For Spot XRP ETFs Now Locked In

The XRP queue is now crowded with remaining, non-extendable dates. Bitwise’s BZX submitting reaches its endgame on Oct. 22, 2025, after the Commission prolonged the proceedings interval to the utmost. “Accordingly, the Commission … designates October 22, 2025,” the order states, establishing the ultimate day for an approve-or-deny final result.

One day later, on Oct. 23, 2025, Nasdaq’s CoinShares XRP ETF proposal additionally hits its restrict following a parallel “longer interval” designation. Canary’s BZX proposal, a separate XRP car, likewise terminates on Oct. 23, 2025.
Two extra Cboe BZX proposals are queued up simply earlier than and after these dates. The 21Shares Core XRP Trust continuing have to be determined by Oct. 19, 2025, per the Commission’s Aug. 18 order.

WisdomTree’s fund follows on Oct. 24, 2025, after the SEC prolonged its proceedings window the total 60 days past the preliminary 180. Together with Franklin’s Nov. 14 deadline, these orders define a three-week window during which the SEC will probably be compelled to situation a collection of sure/no determinations on XRP merchandise throughout three exchanges.

NYSE Arca’s Grayscale XRP Trust has its personal end line. In an Aug. 18 order, the SEC designated Oct. 18, 2025 because the date by which it “shall both approve or disapprove” NYSE Arca’s proposal to checklist and commerce shares beneath Rule 8.201-E. That locations the Arca utility on the entrance of the XRP determination stack, doubtlessly setting the tone for a way the company handles the cascade of BZX and Nasdaq choices within the days that comply with.

What, exactly, will probably be selected these dates? Each of those actions considerations a Rule 19b-4 proposal—an change rule change figuring out whether or not a nationwide securities change (Cboe BZX, Nasdaq, or NYSE Arca) can checklist and commerce shares of an XRP-based commodity belief ETP.

Approval of a 19b-4 submitting clears the exchange-listing hurdle, however it’s not the ultimate operational step. Trading can’t start till the issuer’s registration assertion turns into efficient; because the Commission has repeatedly famous in prior ETP orders, “Shares won’t commerce on the Exchange till such time that the Registration Statement is efficient.”

The sensible impact of immediately’s Franklin order is to anchor the tail finish of the calendar, with the SEC now going through a tightly packed sequence of statutory determination factors from Oct. 18 by way of Nov. 14. Whether the Commission chooses to synchronize outcomes throughout exchanges and sponsors, because it in the end did with spot Bitcoin in January 2024, stays to be seen; however in contrast to earlier phases of those dockets, there is no such thing as a additional room to “designate an extended interval” as soon as these dates arrive.

At press time, XRP traded at $3.00.