The long wait for an XRP Exchange-Traded Fund (ETF) just got more serious. The U.S. Securities and Exchange Commission (SEC) has officially started a formal process to decide whether to approve or reject the proposed Franklin XRP ETF.
A final decision is expected by September 9, 2025 — a date to watch out for.
The proposal, filed by Cboe BZX Exchange, would allow Franklin Templeton to launch an ETF that holds physical XRP, similar to how Bitcoin ETFs now hold actual Bitcoin.
The ETF plans to use Coinbase Custody Trust to store the tokens, while the price would track the CF Benchmark CME XRP-Dollar Index. It would be listed under Cboe’s BZX Exchange, following the same rules used for other commodity-based trusts.
But before that happens, the SEC wants to take a closer look. The agency has moved into the “Order Instituting Proceedings” phase, which is basically a formal investigation.
The SEC is now gathering opinions and data to answer big questions: Will this XRP ETF protect investors? Can it prevent market manipulation?
And does it meet the standards of the law?
The review process started back in March 2025, and the next major date is September 9, 2025. By then, the SEC will likely reach a decision, either greenlighting the ETF or blocking it.
What’s interesting is that the SEC is now actively asking the public for comments. They’re especially interested in whether the XRP market is mature enough to handle an ETF without price manipulation or unfair trading practices.
For now, all eyes are on September. If the SEC gives the green light, it could mark a huge milestone for XRP
As of now, XRP price is trading around $2.12, reflecting a rise of 4.14% seen in the last 24 hours.
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