SEC Postpones Franklin Templeton's XRP and Solana ETF Applications

The US Securities and Exchange Commission (SEC) has extended the decision period regarding the ETF applications based on XRP and Solana made by Franklin Templeton by another 35 days. After responding to the application made in March with a preliminary assessment in April, the SEC has now postponed the final decision to July.

The commission has initiated a public assessment to conduct the decision-making process more healthily. According to the announcement published in the Federal Register, feedback from the public will be collected within 21 days, followed by an additional 14-day response period. During this process, the opinions of the public, investors, and other stakeholders will be considered.

The SEC is particularly presenting to the public whether these types of ETF products containing XRP are safe enough against fraud or market manipulation and whether they harbor new risks that have not been previously identified.

Structure of ETFs and Legal Oversight

Franklin Templeton's XRP-based ETF aims to hold only XRP cryptocurrency and cash-like products in its portfolio. The value of the fund will be determined by the Crypto Reference Rate published by the CME.

In the Solana (SOL) ETF application, it is proposed to include staked SOL assets in the portfolio. This is evaluated in a structure similar to traditional dividend payments; however, the SEC is closely examining the potential impacts of this method as well.

The SEC states that it reviews the applications under the Securities Exchange Act of 1934 and conducts a rigorous examination in terms of investor protection and market security.

In the commission's statement, it is specifically emphasized that the initiation of the review process does not signal a positive or negative outcome.

Expectations in the Market are Rising

Although there has not yet been a final approval from the SEC, there is an optimistic atmosphere in the market. The fact that an XRP-based ETF has already started trading in Canada increases expectations that similar products may be on the way in the US.

Franklin Templeton's applications are an important example during this critical period when the regulatory approach to cryptocurrencies in the US is being shaped. The decisions to be made may also guide other companies in the sector and encourage new ETF applications.

Is a New Era Beginning for Investors?

The SEC's opening of the process to public opinion is seen as an important step in terms of regulatory transparency. However, investors need to carefully analyze the potential benefits of these new ETF products as well as their risks.

The final decision to be made in July could profoundly affect not only the fate of XRP and Solana ETFs but also the institutional transformation of the cryptocurrency market in the US.


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