Franklin Templeton and Grayscale Race Toward First XRP ETF Launch as SEC Review Nears Completion

Franklin Templeton and Grayscale Investments have taken decisive steps toward launching the first-ever XRP exchange-traded funds (ETFs) in the United States, signaling that SEC approval could arrive within weeks.

Franklin Templeton recently filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), removing its 8(a) delaying clause — a key procedural step that allows the fund’s registration to become effective without direct SEC action. The adjustment suggests the firm is positioning for a potential mid-November launch.

Meanwhile, Grayscale submitted its second amended S-1 on November 3, officially naming Edward McGee as Chief Financial Officer and Davis Polk & Wardwell LLP as legal counsel for its proposed Grayscale XRP Trust. The legal firm’s continued involvement mirrors Grayscale’s earlier efforts converting its GBTC and ETHE trusts into spot ETFs — both of which gained approval in early 2024.

Franklin Templeton, which manages more than $1.5 trillion in global assets, has quickly emerged as a leading force in digital asset investment. Its earlier Bitcoin (EZBC) and Ethereum (EZET) ETFs collectively drew over $500 million in institutional inflows during their first quarter of trading. In comparison, Grayscale manages roughly $38 billion across its suite of crypto-based investment products.

The parallel filings underscore a broader trend: traditional finance giants are accelerating preparations for altcoin-based ETFs. Canary Funds and Bitwise have also recently modified their own XRP ETF applications, dropping similar delaying amendments in a synchronized move that hints at industry-wide readiness.

The SEC’s evaluation now centers on core regulatory issues — including custody, surveillance, and market integrity frameworks — that will define how institutional investors gain compliant exposure to XRP. Approval of these filings would not only open a new gateway for XRP investment but also set the stage for a new wave of altcoin ETFs beyond Bitcoin and Ethereum.

If greenlit this month, the XRP ETFs from Franklin Templeton and Grayscale could mark the most significant expansion of U.S. crypto market accessibility since spot Ether ETFs went live earlier in 2025.