SEC Opens Public Comment on Franklin Templeton’s Proposed XRP and Solana ETFs

The US Securities and Exchange Commission (SEC) has extended the assessment period for Franklin Templeton’s applications to launch spot ETFs for XRP and Solana. Both ETFs are under consideration on the Chicago Board Options (CBoe) BZX Exchange.

The Commission announced on 17 June that it had opened the process for public comment which will delay the decision by 35 days. Franklin Templeton originally filed in March 2025, with the SEC delaying its initial decision in April. The new proceedings extend the timeline into July.

The Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold XRP, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission.

The US Securities and Exchange Commission

Related: Purpose Launches Canada’s First XRP ETF, Trading Begins 18 June on TSX

This review falls under Section 6(b)(5) of the Securities Exchange Act, which focuses on fraud prevention and investor protection. The SEC clarified in its notice that “institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved”.

How the ETFs Would Work

The proposed XRP ETF would hold only XRP and cash equivalents and use the CME CF XRP-Dollar Reference Rate for valuation. The Solana ETF includes a proposal to stake held SOL, arguing that declining staking rewards would be comparable to forfeiting equity dividends.

The deadline for initial comments from the public is 21 days post-publication in the Federal Register with rebuttals due another 14 days after that. Though approval is not guaranteed, sentiment on prediction markets remains bullish.

Related: Solana Rising: Scaramucci Declares Blockchain the Future Backbone of Global Finance