The SEC announced on Tuesday that it will postpone its decision on the Cboe BZX Exchange's proposal for the listing and trading of shares of the Franklin XRP fund, a commodity trust linked to the cryptocurrency XRP. The commission noted that additional time is needed to evaluate the application, moving the deadline from May 3 to June 17, 2025.

Cboe BZX initially submitted the rule change proposal on March 13, aiming to register the ETF under the guidelines for commodity trust shares. The SEC published the application for public discussion on March 19 but did not receive feedback during the review period. According to federal law, the regulator has up to 90 days to approve, reject, or initiate a disapproval process for such proposals.

This is the latest in a series of regulatory hurdles for cryptocurrency-related investment products that are facing increased scrutiny due to market stability and investor protection concerns. In a separate application, the SEC also extended the review of Bitwise Asset Management's application to launch a Dogecoin ETF, postponing its decision until June 15.