The US Securities and Exchange Commission has pushed again its choice on Cboe BZX’s proposal to listing the Franklin XRP ETF, setting a brand new outer restrict for motion on the file. In an order dated Sept. 10, the Commission “designates November 14, 2025 because the date by which the Commission shall both approve or disapprove” the proposed rule change to listing and commerce shares of the fund. The submitting, which advances below BZX Rule 14.11(e)(4), confirms the company has used the complete 60-day extension accessible after instituting proceedings, pushing the Franklin software to a tough deadline.
Franklin’s extension lands because the SEC’s XRP docket approaches a cluster of ultimate choice dates throughout a number of exchanges and sponsors. Under Section 19(b)(2) of the Exchange Act, as soon as the SEC opens proceedings on a 19b-4 proposal, it has as much as 180 days from publication within the Federal Register—plus a single 60-day extension—to both approve or disapprove. That is why the brand new order issues: it doesn’t merely “delay” within the colloquial sense; it exhausts the statutory clock and creates a date sure for a call. The Franklin order lays this out explicitly earlier than designating Nov. 14 because the deadline.
Final Deadlines For Spot XRP ETFs Now Locked In
The XRP queue is now crowded with closing, non-extendable dates. Bitwise’s BZX submitting reaches its endgame on Oct. 22, 2025, after the Commission prolonged the proceedings interval to the utmost. “Accordingly, the Commission … designates October 22, 2025,” the order states, establishing the ultimate day for an approve-or-deny consequence.
One day later, on Oct. 23, 2025, Nasdaq’s CoinShares XRP ETF proposal additionally hits its restrict following a parallel “longer interval” designation. Canary’s BZX proposal, a separate XRP automobile, likewise terminates on Oct. 23, 2025.
Two extra Cboe BZX proposals are queued up simply earlier than and after these dates. The 21Shares Core XRP Trust continuing have to be determined by Oct. 19, 2025, per the Commission’s Aug. 18 order.
WisdomTree’s fund follows on Oct. 24, 2025, after the SEC prolonged its proceedings window the complete 60 days past the preliminary 180. Together with Franklin’s Nov. 14 deadline, these orders define a three-week window by which the SEC shall be compelled to situation a sequence of sure/no determinations on XRP merchandise throughout three exchanges.
NYSE Arca’s Grayscale XRP Trust has its personal end line. In an Aug. 18 order, the SEC designated Oct. 18, 2025 because the date by which it “shall both approve or disapprove” NYSE Arca’s proposal to listing and commerce shares below Rule 8.201-E. That locations the Arca software on the entrance of the XRP choice stack, probably setting the tone for the way the company handles the cascade of BZX and Nasdaq selections within the days that observe.
What, exactly, shall be selected these dates? Each of those actions considerations a Rule 19b-4 proposal—an change rule change figuring out whether or not a nationwide securities change (Cboe BZX, Nasdaq, or NYSE Arca) can listing and commerce shares of an XRP-based commodity belief ETP.
Approval of a 19b-4 submitting clears the exchange-listing hurdle, however it’s not the ultimate operational step. Trading can’t start till the issuer’s registration assertion turns into efficient; because the Commission has repeatedly famous in prior ETP orders, “Shares won’t commerce on the Exchange till such time that the Registration Statement is efficient.”
The sensible impact of as we speak’s Franklin order is to anchor the tail finish of the calendar, with the SEC now dealing with a tightly packed sequence of statutory choice factors from Oct. 18 by means of Nov. 14. Whether the Commission chooses to synchronize outcomes throughout exchanges and sponsors, because it finally did with spot Bitcoin in January 2024, stays to be seen; however not like earlier phases of those dockets, there isn’t a additional room to “designate an extended interval” as soon as these dates arrive.
At press time, XRP traded at $3.00.
Featured picture created with DALL.E, chart from TradingView.com
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