SEC Opens Public Comment Period for Franklin Templeton’s XRP and SOL ETF Proposals
The US Securities and Exchange Commission (SEC) has initiated a public comment period for two proposed cryptocurrency exchange-traded funds (ETFs) from Franklin Templeton. These ETFs target XRP and Solana (SOL), with plans for listing on the Chicago Board Options BZX Exchange. This move reflects the SEC’s measured approach to regulating cryptocurrency-based financial instruments.
Extended Deadline for SEC Decision on Crypto ETFs
The SEC has postponed its decision deadline to late July, allowing a 35-day public input period following federal register publication. The SEC clarifies that initiating proceedings does not imply a predetermined outcome.
Competitive Landscape for XRP and SOL ETF Approvals
Following approvals for Bitcoin (BTC) and Ether (ETH) spot ETFs, the SEC is now evaluating similar products for XRP and SOL. Major asset managers including Bitwise, ProShares, and 21Shares have submitted competing proposals.
Regulatory Evolution Under SEC Chair Paul Atkins
Under Chair Paul Atkins, the SEC has adopted a more restrained enforcement posture toward cryptocurrency firms. The potential impact of this shift on XRP and SOL ETF approvals remains uncertain.
Key Developments in the SEC’s ETF Review Process
- Public comment period opened for Franklin Templeton’s XRP and SOL ETF proposals
- Decision timeline extended to late July 2023
- Follows precedent of approved Bitcoin and Ether ETFs
- Multiple firms vying to launch first XRP and SOL ETFs
- Notable reduction in SEC enforcement actions under current leadership
