XRP ETF Approval Imminent? Franklin Templeton & Grayscale Move in Sync

Franklin Templeton and Grayscale Investments have submitted amended filings to the US Securities and Exchange Commission for their proposed XRP exchange-traded funds.

Franklin Templeton removed regulatory language that could delay approval, signaling readiness for a potential launch this month. Meanwhile, Grayscale filed its second amendment, designating key executives and legal counsel.

Franklin Templeton Removes Delaying Language

Franklin Templeton updated its S-1 registration statement by eliminating the 8(a) provision. This regulatory clause can postpone the effectiveness of an ETF filing pending SEC approval.

This aligns with market speculation for potential November launches, based on observed SEC approval timelines for similar products.

🚨 🚨 BREAKING NEWS Franklin Templeton just filed new amendment S-1/A for Spot XRP ETF with SEC (20 days automatic approval). 📃 🪙 💰 🇺🇸 #XRP #RLUSD #XRPETF 💎 💎 💎 💎 💎 💎 💎 💎 💎 💎 pic.twitter.com/gQH4sj8NQw

— Kenny Nguyen (@mrnguyen007) November 4, 2025

Franklin Templeton has established itself as an active participant in the cryptocurrency ETF market. The firm previously launched the EZBC (Bitcoin) and EZET (Ethereum) spot ETFs, which collectively attracted over $500 million in institutional capital within their first quarter. Franklin Templeton manages over $1.5 trillion in assets globally, which is over 40 times larger than Grayscale’s reported assets under management (AUM).

Grayscale Files Second Amendment

Grayscale Investments submitted its second amendment (Amendment No. 2) to its Form S-1 on November 3. The filing lists Edward McGee as Chief Financial Officer and names Davis Polk & Wardwell LLP as legal counsel for its proposed Grayscale XRP Trust.

Grayscale isn’t slowing down! Amendment No. 2 filed for the $XRP Trust — the path to a spot XRP ETF just got real. pic.twitter.com/gYDyjfMfmP

— TheCryptoBasic (@thecryptobasic) November 4, 2025

The firm successfully transformed its GBTC (Bitcoin) and ETHE (Ethereum) trusts into spot ETFs following regulatory approval in January 2024. Grayscale manages approximately $38 billion in digital asset products. It has established operational frameworks for navigating complex SEC review processes.

The XRP Trust amendment follows this established conversion pathway. It builds on operational frameworks developed through previous product launches. Davis Polk & Wardwell LLP has represented Grayscale in prior cryptocurrency ETF applications, providing continuity in the regulatory navigation process.

Regulatory Environment and Market Context

The amended filings reflect growing institutional momentum as multiple asset managers pursue XRP ETF approvals simultaneously. Canary Funds and Bitwise have also recently modified their filings to remove delaying amendments. This indicates coordinated preparation for potential launches across the industry.

The SEC’s review process examines custody structures, market surveillance arrangements, and compliance frameworks. These elements remain central to digital asset oversight.

Approval decisions will shape institutional access to XRP and establish precedents for future cryptocurrency investment products in the US market. The outcomes could potentially open pathways for additional altcoin-based ETFs beyond Bitcoin and Ethereum.