The U.S. Securities and Exchange Commission (SEC) has taken a significant step by opening public comments on the proposed cryptocurrency exchange-traded funds (ETFs) from Franklin Templeton. These ETFs, focused on XRP and Solana (SOL), are set to be listed on the Chicago Board Options BZX Exchange, which marks a crucial moment for both digital assets.
As stated in the Tuesday notices, this action will extend the SEC’s deadline to decide on the approval or disapproval of these ETFs to late July, although further delays could still occur. This modification to the timeline comes as the SEC previously delayed the decision initially scheduled for April, reflecting the regulatory body’s careful consideration of these investment vehicles.
In its filings, the SEC indicated that the institution of proceedings does not imply any conclusions have been reached regarding the issues involved. Instead, the SEC actively seeks and encourages input from interested parties to provide comments on the proposed rule changes.
Notably, the SEC has previously approved spot investment vehicles for leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). However, there is keen interest surrounding the approval of ETFs linked to tokens like XRP and Solana, with several other asset managers, including Bitwise, ProShares, and 21Shares, also filing proposals with the SEC for similar listings.
The regulatory landscape has undergone notable changes under the new leadership of Chair Paul Atkins, particularly during the Trump administration where the SEC altered its approach to digital assets dramatically. This shift could potentially benefit proposed ETFs tied to both XRP and Solana, especially as Trump himself had previously proposed including these assets as part of a U.S. crypto stockpile.
As the SEC moves forward with the public comment period, investors and market participants are eagerly anticipating the potential outcomes. The decision at the end of July will be closely watched, not only for its implications for Franklin Templeton but also for the broader cryptocurrency market and its regulatory future.
