SEC Delays XRP ETF Decision as Franklin Templeton Joins Hopefuls

The U. S. Securities and Exchange Commission delayed its judgement on Grayscale’s program for an XRP exchange-traded bank, according to a see filed on Tuesday.

The Commission said” a longer period” of time is needed to ascertain whether the software aiming to establish a location XRP ETF in the U. S. may be approved or denied.

When the SEC recognized Grayscale’s program next month, it triggered an initial assessment period of 45 times. The SEC may eventually stretch that timetable up to 240 days after Grayscale’s plan was published to the Federal Registrar, with a May 21 date approaching future.

The company may consider until mid-October to render its final decision. However, on Tuesday, Franklin Templeton filed an application&nbsp, for a position XRP ETF with the controller.

The SEC has acknowledged XRP ETF papers from Coral Capital, WisdomTree, Xor, CoinShares, and 21Shares.

The XRP files are part of a wider rush submitted by major lenders to target surging demand for digital property assets packaged in traditional financial items. Those initiatives follow the historic debut of spot Bitcoin ETFs, which have been the fastest-growing category of funds in ETF history and now manage close to$ 100 billion in assets. &nbsp,

Last month, Ripple Labs CEO Brad Garlinghouse described the endorsement of an XRP ETF in the U. S. as “inevitable”, citing enormous demand from administrative and retail traders.

XRP’s price recently rose to$ 2.19, up nearly 9 %, according to the crypto data provider CoinGecko. While somewhat off from its post-election top of$ 3.38, the crypto has held onto its profits better than companies, including Bitcoin and Ethereum since Nov. 5.

Researchers say that U. S. President Donald Trump’s election was a gift for XRP. Under previous SEC Chair Gary Gensler, the cryptocurrency’s regulation position was challenged as the company pressed ahead with a complaint against Ripple Labs over XRP income.

The SEC has yet to leave its police circumstance against Ripple Labs. However, the SEC has been winding down related, high-profile actions against marketplaces like Bitcoin and Kraken.