Franklin Templeton Enters the XRP ETF Arena with Revised Filing

Franklin Templeton Enters the XRP ETF Race

In a significant move, Franklin Templeton has submitted an updated registration for its proposed spot XRP exchange-traded fund (ETF), marking its entry as the third issuer in a flurry of recent modifications to the crucial "8(a)" effectiveness language. This adjustment governs the timeline for when an S-1 can officially go live. Bloomberg’s James Seyffart pointed out this development and its timing, stating: “NEW: Franklin Templeton files updated XRP ETF s-1 with shortened 8(a) language. Looking to launch this month.”

Recent Trends in XRP ETF Filings

This latest filing comes amidst a wave of rapid changes to XRP ETF submissions. On October 31, Bitwise submitted yet another amendment to its S-1—its fourth revision since the original 2024 filing. Observers noted that this update represented a critical step towards effectiveness, as it included key details such as the proposed listing venue and a clearly defined management fee.

In a related development, the smaller issuer Canary Funds has opted to eliminate the usual “delaying amendment,” which typically hinders automatic effectiveness. This procedural change places the filing under Section 8(a) of the Securities Act, initiating a 20-day countdown. Journalist Eleanor Terrett shared the news: “SCOOP: Canary Funds has filed an updated S-1 for its XRP spot ETF, removing the ‘delaying amendment’… This sets Canary’s XRP ETF up for a launch date of November 13, assuming the Nasdaq greenlights the 8-A filing.”

Understanding the Technical Changes in S-1 Drafting

What Seyffart and Terrett are emphasizing is a nuanced yet critical distinction in the drafting of S-1 filings. Traditionally, issuers include a delaying clause that states: “The registrant hereby amends this registration statement… to delay its effective date… as the Commission… may determine.” This language ensures that the SEC retains control over the timing of the effectiveness.

By modifying or omitting this clause, issuers can enable the registration to automatically become effective after 20 days under Section 8(a), assuming all other prerequisites—most notably, exchange listing approval and an 8-A registration for the class of securities—are met. Franklin’s recent update exemplifies this strategy of accelerating the process.

Fast Tracking Franklin Templeton's XRP ETF

Franklin Templeton's XRP trust has been progressing through the regulatory pipeline since the spring. The trust initially filed a Form S-1 on March 11, 2025, outlining the product's structure, with custody arrangements through Coinbase Custody for XRP and BNY Mellon for cash, along with plans for a listing on Cboe BZX. Notably, that original filing, as well as an amendment made on August 22, 2025, still contained the standard delaying clause, highlighting the significance of any subsequent change to the 8(a) language at this stage.

Bitwise's Ongoing Iterations

In parallel, Bitwise has been refining its filing as well. SEC records reveal that multiple amendments to the Bitwise XRP ETF have been submitted throughout October, including essential disclosures regarding the venue and fees, as well as third-party tracking information.

The Regulatory Landscape and Its Implications

The procedural context is particularly important given the current regulatory environment. Following a slowdown in SEC operations due to the October government shutdown, several crypto exchange-traded products (ETPs) have taken advantage of the 8(a) pathway to achieve effectiveness on a predetermined schedule by removing the delaying language. Issuers that had already engaged significantly with the SEC leveraged the statutory 20-day mechanism to advance their products, sidestepping administrative delays. This enabled the recent launch of spot Solana (SOL) and Hedera (HBAR) ETFs just last week.

The Future of XRP ETFs

In the case of XRP, the pressing question today isn’t whether a single update guarantees approval; rather, it revolves around the intersection of S-1 effectiveness, an effective Form 8-A, and completed exchange approval. With three different issuers now seemingly aligned on a trajectory to list their ETFs in November, provided there are no new regulatory objections, the landscape for XRP ETFs is poised for an intriguing evolution.