The U.S. Securities and Exchange Commission (SEC) has decided to extend the review period for the application to create an XRP ETF submitted by Franklin Templeton.
Reasons for Delay
The SEC initially anticipated announcing its decision on May 3, but the deadline has been extended to June 17. Such extensions are typically part of due diligence and do not necessarily indicate disapproval of the application.
History of the ETF Application
Franklin Templeton, the largest player to date, submitted its application for the XRP ETF in early March using the S-1 form.
Current ETF Market Situation
Earlier today, the SEC also delayed the firm's Solana ETF filing. Meanwhile, it has been reported that the first spot XRP ETF in North America is set to launch on Wednesday on the Toronto Stock Exchange.
The SEC's delay in decision-making regarding Franklin Templeton's application highlights the current dynamics in the cryptocurrency and fund markets but should not raise concerns among XRP holders.
