The US Securities and Exchange Commission (SEC) has opened a public comment period for the XRP and Solana ETFs proposed by Franklin Templeton. These ETFs, which are planned to be listed on the Cboe BZX exchange, are undergoing the agency’s official evaluation process, with a final decision expected by July 2025. The SEC had previously approved spot Bitcoin and Ethereum ETFs; XRP and Solana are currently among the first major altcoin ETF candidates in the approval process.
The SEC’s decision could shape the altcoin ecosystem
A significant development has occurred in the cryptocurrency world: Asset management giant Franklin Templeton’s XRP and Solana (SOL)-based ETF applications have been taken under review by the US Securities and Exchange Commission (SEC). The public comment period for these funds, which are planned to be traded on the Cboe BZX exchange, will continue until July 2025. It is stated that if approval is granted during this process, there could be a significant break in the altcoin market.
This step taken by Franklin Templeton, one of the leading firms in the field of traditional finance, has already attracted attention in the cryptocurrency field. Previously, institutional investors were seen to have entered the market on a large scale with the approval of spot Bitcoin ETFs. Now, a similar effect may be experienced in altcoins such as XRP and Solana.
The fact that Franklin Templeton's XRP and Solana ETF applications are currently under SEC review indicates that these products have not yet been approved and are subject to a detailed evaluation process by the US regulatory agency. During this process, the SEC analyzes the application's compliance with the law, whether it sufficiently protects the investor, and whether it is open to the risk of manipulation in the market. In addition, the applications have been opened to public comment.
Franklin Templeton is not the first company to apply for an ETF for XRP and Solana. Many asset management companies such as Bitwise, ProShares, and 21Shares have also applied to the SEC to launch similar products.
There has been a noticeable change in the SEC's approach to crypto assets with the Trump administration. Under the leadership of new chairman Paul Atkins, the agency has recently withdrawn some major sanctions files against crypto companies.
XRP and Solana are seeing increased activity: Will it reflect on prices?
The increase in on-chain activity on the XRP network ahead of the SEC’s decision suggests that investors are already pricing in a potential approval. Similarly, the recent fluctuations in Solana prices are also linked to this expectation. According to market data, Solana (SOL) is currently trading at $148.09 and has a market cap of $78.17 billion. While trading volume decreased by 19.04 percent in the last 24 hours, there were increases of 6.22 percent in the last 60 days and 10.18 percent in the last 90 days.
