Franklin Templeton Files for an XRP Exchange-Traded Fund (ETF)

Franklin Templeton, a major asset management company with over $1.5 trillion in assets, has officially filed for an XRP exchange-traded fund (ETF).

Major asset management company Franklin Templeton, known for its $1.5 trillion in assets under management, has officially applied for an XRP exchange-traded fund (ETF).

The applicant for the fund is identified as "Coinbase Custody Trust Company, acting as custodian of the fund's XRP assets." This partnership will see the Coinbase Custody Trust Company managing and storing XRP assets in a safe and efficient manner for all investors in the fund. The company will provide both safekeeping and proper management oversight of XRP assets.

This news comes after the U.S. Securities and Exchange Commission (SEC) postponed its decision on several cryptocurrency ETFs. The SEC had delayed its ruling on Solana, Litecoin, and Dogecoin ETFs.

The SEC stated that it requires additional time to examine multiple applications for the development of new ETFs. The ultimate decision on the approval of new exchange-traded funds has been postponed due to prolonged review processes.

Meanwhile, cryptocurrency company Ripple is facing legal challenges in a case that could have implications for XRP. Ripple must submit its response to the case no later than April 16, 2025.

Judge Torre’s ruling on XRP set it apart from other cryptocurrencies. After this decision, XRP received a different classification compared to other cryptocurrencies.

However, the case is still ongoing and presents a unique challenge for the company that developed XRP.

Many investors are interested in XRP, and more companies are applying for XRP ETFs. 21Shares and Grayscale have already submitted applications for XRP ETFs.

The applications come as big financial institutions are making a push into crypto. Despite the existing legal challenges, institutions like Legg Mason and Vanguard have also filed applications for Bitcoin ETFs.