The U.S. Securities and Exchange Commission (SEC) revealed on Sept. 10 that it will extend its review period for Cboe BZX Exchange Inc.’s proposal to list and trade the Franklin XRP exchange-traded fund (ETF). The application, submitted on March 13, 2025, sought approval under BZX Rule 14.11(e)(4), which governs commodity-based trust shares.

The SEC had already delayed its decision once in April and initiated formal proceedings in June, which originally set a Sept. 15 deadline. By law, the Commission must act within 180 days of publication in the Federal Register, but it now designated November 14, 2025, as the new deadline for approval or disapproval. In its notice, the regulator stated:

The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, and the issues raised therein.

Several asset management firms have filed with the SEC to launch XRP exchange-traded products (ETPs), aiming to provide investors with direct exposure to XRP through regulated investment vehicles. Filers include Grayscale, which seeks to convert its existing XRP Trust into an ETF, along with 21Shares, Bitwise, Franklin Templeton, Wisdomtree, Canary Capital, Coinshares, and REX & Osprey. The filings reflect increasing institutional interest in XRP, following the approval of spot bitcoin and ethereum ETFs.

While the SEC takes a cautious stance, market sentiment is moving in the opposite direction. As of Sept. 10, data from Polymarket showed a 92% implied probability of approval for a spot XRP ETF. Amendments to filings by asset managers suggest active dialogue with SEC staff, often seen as a precursor to approval.

Industry experts are reinforcing that optimism. Nate Geraci, president of Novadius Wealth Management, stated on social media platform X: “Personally think closer to 100% … People are severely underestimating investor demand for spot XRP & SOL ETFs. Just like they did w/ spot BTC & ETH ETFs.” Bloomberg ETF analysts James Seyffart and Eric Balchunas maintained their approval forecast at 95%, reflecting growing confidence that regulatory engagement is progressing. With bitcoin and ethereum ETFs already in place, many analysts argue that an XRP product represents the next step in expanding regulated crypto investment opportunities.

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