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XRP ETF News: SEC Opens Official Review Process for Franklin’s Crypto Fund
The US Securities and Exchange Commission (SEC) has officially opened the review process for the proposed Franklin XRP Trust, a physically backed XRP ETF. The move marks a significant step towards determining whether XRP can enter the ETF market.
Franklin XRP Trust aims to track the CF Benchmark CME XRP-Dollar Index with Coinbase as the custody provider. This would allow investors to easily buy and sell XRP through their brokerage accounts, potentially driving institutional interest and increasing adoption rates.
The proposed ETF will create and redeem shares in blocks of 50,000 units, governed by Cboe BZX Rule 14.11(e)(4), which regulates commodity-based trust shares.
SEC Opens Official Review Process for Franklin’s Crypto Fund
As part of the review process, the SEC has opened a public comment period to gather input from market participants and stakeholders. This move signals growing regulatory interest in altcoin-based funds amid an accelerating pace of ETF filings.
Despite the news, XRP is trading lower at $2.14, reflecting a 2.85% drop over the past 24 hours. The digital asset has experienced a 7.44% decline over the past week, according to CoinGecko data.
Source: blockonomi.com
