Asset management firm Franklin Templeton recently filed Modified S-1 Franklin XRP Trust, a pending spot XRP exchange-traded fund (ETF), filed with the SEC. The proposed amendments, dated November 4, 2025, contain one important regulatory difference from previous versions that is likely to impact the approval process for XRP ETFs.
What’s different about Franklin Templeton’s new XRP ETF application?
ETF Analyst James Seifert shared an update X (formerly Twitter) emphasized the removal of the 8(a) delay clause, which typically gives the SEC control over when a filing becomes effective. Typically, when an issuer files an ETF, it involves what is called a “delayed amendment.” This provision gives the SEC the authority to determine exactly when the filing becomes effective. Franklin Templeton adopted that standard language in previous filings, including an initial filing on March 11, 2025 and a subsequent amendment on August 22, 2025.
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However, with this application, that delay condition will be shortened. Instead, it states that the registration “shall be hereafter effective pursuant to Section 8(a) of the Securities Act of 1933.” Under this rule, Franklin Spot XRP ETF Unless the SEC intervenes, registration will automatically become effective 20 days after filing.
Franklin XRP Trust is mainly Hold XRP Coinbase Custody will manage asset custody and BNY Mellon will oversee cash holdings, tracking the market price of the token as the primary asset. The trust has a similar structure to other recently approved crypto ETFs and aims to be listed on the Cboe BZX exchange.
The trend of accelerating virtual currency ETF applications is expanding.
Franklin Templeton’s updates aren’t happening in isolation. Other asset managers, including Bitwise and Canary Funds, have made similar changes to their S-1 filings for XRP ETFs in recent weeks, reducing investment amounts. wording of delay This typically allows the SEC to set a timeline for launch.
A growing series of S-1 changes shows how these ETF issuers are regaining control over the timing of XRP ETF approvals. Journalist Eleanor Tellet We highlighted this trend in Xnoted that it has become more common since the U.S. government shutdown in October. during that periodthe SEC review process has slowed down, leading many asset managers to use timing rules to expedite filings.
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The issuing company may also use Same “fast track” rules This helped other spot crypto ETFs like Solana (SOL), Litecoin (LTC), and Hedera (HBAR) launch last month. By shortening the delay clause, Franklin Templeton’s XRP ETF is now subject to the same conditions. accelerated path Approval could be received by the end of November.
Although the SEC can still intervene, this change signals that XRP ETF issuers now have more control over approval timing. faster routeshowing that things may actually be different this time.
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