Franklin Templeton Accelerates XRP ETF Launch With Updated S-1 Filing
Franklin Templeton has officially entered the competitive race to launch a spot XRP exchange-traded fund (ETF), signaling a major push towards a November debut. The asset management giant submitted a revised S-1 registration statement, strategically modifying the key Section 8(a) “effectiveness” language. This move positions Franklin as the third major player, alongside Bitwise and Canary Funds, actively advancing XRP ETF filings in recent days.
The amendment to the S-1 form shortens the traditional delaying clause, a legal statement that typically allows the U.S. Securities and Exchange Commission (SEC) to control the timing of a filing’s effectiveness. By adjusting or removing it, issuers can potentially activate the registration automatically after 20 days, provided other regulatory requirements—such as exchange approval and Form 8-A filing—are met.
Bloomberg analyst James Seyffart noted the change, highlighting it as a signal that Franklin Templeton is aiming to go live with its XRP ETF this month. This strategy mirrors similar recent adjustments made by other issuers, indicating a growing urgency and alignment among firms to capitalize on favorable conditions in the crypto ETF market.
Bitwise, for example, has amended its XRP ETF registration multiple times, with its latest update on October 31 including critical details such as the listing exchange and fee structure. Analysts consider this one of the final steps before SEC approval. Likewise, Canary Funds made a bold procedural move by removing the delaying amendment entirely, thereby activating the 20-day countdown under Section 8(a), which could enable a launch by November 13—pending Nasdaq approval.
Franklin Templeton’s XRP Trust has been progressing through regulatory channels since its initial S-1 filing on March 11, 2025. The trust proposes Coinbase Custody as the digital asset custodian for XRP holdings and BNY Mellon for cash management, with plans to list the ETF on the Cboe BZX Exchange. Earlier filings, including an August amendment, retained the standard delaying clause. The recent update marks a shift in tempo and intent from the asset manager.
This acceleration trend among issuers is not occurring in a vacuum. It follows a broader pattern in the crypto ETF landscape, where issuers are navigating a regulatory environment strained by delays, including those caused by the October government shutdown. Amid these bottlenecks, firms have increasingly utilized the 8(a) mechanism to bypass administrative slowdowns and launch products like spot Solana (SOL) and Hedera (HBAR) ETFs.
While the updated filings don’t guarantee approval, they do suggest growing coordination and determination among issuers. For an ETF to officially launch, the S-1 must become effective, a Form 8-A must be filed and approved, and the listing exchange must greenlight the security. Still, the fact that three prominent issuers—Franklin Templeton, Bitwise, and Canary—have all updated their filings within days of each other points to a possible synchronized launch window in mid-November.
Eleanor Terrett emphasized this momentum, noting all three firms’ recent moves as a sign of imminent action. Her commentary, coupled with Seyffart’s analysis, reflects the broader market sentiment: the XRP ETF may be closer than ever to becoming a reality.
Why the XRP ETF Race Matters
The potential approval of an XRP ETF is significant for both institutional and retail investors. It would offer regulated exposure to XRP, one of the largest cryptocurrencies by market capitalization, without the need to directly hold or store the digital asset. This could attract a wave of new investment, particularly from institutions hesitant to engage with unregulated crypto markets.
Moreover, ETF approval could serve as a broader validation for XRP following years of legal uncertainty. Ripple, the company closely associated with XRP, has been embroiled in a high-profile legal battle with the SEC over the classification of XRP as a security. A successful ETF launch would not only boost investor confidence but also suggest a shift in regulatory attitudes toward the asset.
Institutional Interest and Market Impact
Recent activity indicates that institutional investors are already positioning themselves in anticipation of an XRP ETF. There has been a noticeable uptick in XRP and Solana (SOL) accumulation by large investors, even as interest in Bitcoin ETFs shows signs of waning. This trend highlights a diversification strategy and growing appetite for alternative Layer 1 blockchain assets.
Some analysts believe that an XRP ETF could act as a catalyst for a significant price rally. Forecasts suggest XRP could potentially triple in value, with targets of $10 being discussed in optimistic scenarios. While speculative, such projections underscore the high expectations surrounding the ETF’s potential market impact.
The Road Ahead: What to Watch
The next few weeks will be critical. Investors should monitor:
1. SEC Response: Will the Commission allow the filings to go effective automatically, or will it intervene?
2. Exchange Approvals: Nasdaq and Cboe BZX must finalize their listings for the ETFs to launch.
3. Form 8-A Filings: These must be completed and approved for the class of securities to be listed on the exchanges.
4. Market Reaction: Any confirmation of an ETF launch could trigger a price movement in XRP and potentially influence other altcoins.
Conclusion
Franklin Templeton’s move to accelerate its XRP ETF filing underscores the growing momentum behind crypto ETF products. With Bitwise and Canary Funds also making strategic procedural changes, the race is tightening for a November launch. If regulatory hurdles are cleared, the introduction of a spot XRP ETF could mark a pivotal moment for crypto adoption and reshape the investment landscape for digital assets.
As three major issuers converge on similar timelines and tactics, market participants are watching closely. The next regulatory decisions will not just determine the fate of these ETFs, but also signal the SEC’s broader stance on crypto investment vehicles moving forward.