Franklin Templeton Amends XRP ETF Filing to Expedite SEC Approval

Franklin Templeton has amended its S-1 filing with the SEC for a spot XRP ETF, the Franklin XRP Trust, removing the 8(a) delay clause which typically allows the SEC to control the filing's effective date. The new filing states that it will become effective 20 days after submission unless the SEC intervenes. This change aims to expedite the approval process.

Key Changes in Filing

Removal of standard delaying amendment, giving less control to the SEC over timing.
Registration becomes automatically effective 20 days post-filing.
The ETF will hold XRP as its primary asset, with Coinbase Custody managing storage and BNY Mellon overseeing cash holdings.
Seeks listing on Cboe BZX Exchange.

Trend in Crypto ETF Filings

Other firms like Bitwise and Canary Funds are making similar changes to their S-1 filings.
This trend began following a slowdown in the SEC's review process during a US government shutdown.
Adopting fast-track rules used by other crypto ETFs such as Solana (SOL), Litecoin (LTC), and Hedera (HBAR).
Potential for approval before the end of November if the SEC does not intervene.

The amendments indicate a shift towards quicker processes for approving XRP ETFs, reducing dependency on SEC timelines.