Grayscale and Franklin Templeton have entered the final stretch for XRP ETF approval. Following Canary Capital and Bitwise, the two major asset managers have updated their spot XRP ETF applications, accelerating the race to market. With the latest guidance from the U.S. Securities and Exchange Commission (SEC) signaling that the process may accelerate, hold clauses in the applications have been removed and operational details have been added. The goal now is to obtain listing permission by mid-November.
Look out for November 13th
Canary Capital was the first institution to initiate the process by removing the "delaying amendment" clause from its S-1 form. The company is targeting a trading start around November 13th. This move has prompted rivals Grayscale, Bitwise, and Franklin Templeton to similarly update their documents and clarify their market positions. Analysts believe this scenario could result in multiple XRP ETFs launching simultaneously, just days apart.
In its updated filing submitted in early November, Grayscale shared details about its governance, custody, and fee structure. The company's XRP Trust ETF plan clearly outlines its product structure for institutional investors. Grayscale's strategy clearly indicates that listings can be made immediately following SEC and exchange approval. This allows the company to gain a first-mover advantage in the spot XRP ETF market.
Meanwhile, Franklin Templeton accelerated the process by removing a delaying provision in its S-1 form. With this change, the major fund manager, with $1.5 trillion under management, now transitions to an automatic activation process. This move aims to take advantage of the ease provided by the new rules adopted by the SEC in September. This regulation allows national exchanges to quickly approve spot crypto and commodity ETFs according to general listing standards. This approval process, which used to take months, can now be completed in weeks.
Bitwise recently announced its ETF fee structure. This transparent move by the company has set an example for other issuers. All these developments have transformed the XRP ETF launch from a wait for regulatory approval to a full-fledged operational preparation race. With the SEC's latest guidance, exchange infrastructure, custody solutions, and market maker agreements are nearing completion.
The simultaneous actions by Grayscale, Franklin Templeton, Canary Capital, and Bitwise are critical for the XRP market. If approvals are received by mid-November, they will significantly improve institutional investor access to XRP. This could strengthen both XRP's market liquidity and the mainstream acceptance of crypto assets.
At the time of writing, XRP is down 15 percent on a weekly basis, fueled by the decline in the overall cryptocurrency market, and is changing hands at $2.2183.
