New XRP ETF Just Dropped, But Will Anything Be Different This Time?

Asset management firm Franklin Templeton recently submitted an amended S-1 filing to the SEC for its pending spot XRP exchange-traded fund (ETF), the Franklin XRP Trust. The amendment, dated November 4, 2025, includes one key regulatory difference from earlier versions that would likely affect the approval process for the XRP ETF.

ETF analyst James Seyffart shared the update on X (formerly Twitter), highlighting the removal of the 8(a) delay clause, which typically gives the SEC control over when a filing becomes effective. Usually, when an issuing firm files for an ETF, it includes what’s called a “delaying amendment.” This clause grants the SEC the authority to determine the exact time the filing takes effect. Franklin Templeton employed that standard wording in its earlier filings, including the initial submission on March 11, 2025, and a subsequent amendment on August 22, 2025.

The latest filing, however, shortens that delaying condition. Instead, it states that the registration “shall hereafter become effective in accordance with the provisions of section 8(a) of the Securities Act of 1933.” Under this rule, the Franklin spot XRP ETF registration automatically becomes effective 20 days after filing, unless the SEC intervenes. 

The Franklin XRP Trust will primarily hold XRP as its primary asset and track the token’s market price, with Coinbase Custody managing asset storage and BNY Mellon overseeing cash holdings. The trust seeks a listing on the Cboe BZX Exchange, adopting a structure similar to other recently approved crypto ETFs.

Franklin Templeton’s update isn’t happening in isolation. Other asset managers, including Bitwise and Canary Funds, have also made similar changes to their S-1 filings for XRP ETFs in recent weeks, cutting back on the delay wording that typically allows the SEC to set the launch timeline.

The growing series of S-1 changes demonstrates how these ETF issuers are reclaiming control over the timing of XRP ETF approvals. Journalist Eleanor Terrett highlighted this trend on X, noting that it has become more common since the US government shutdown in October. During that period, the SEC’s review process slowed, prompting many asset managers to use the timing rule to expedite their filings.

The issuing companies may also be using the same “fast-track” rule that helped other spot crypto ETFs such as Solana (SOL), Litecoin (LTC), and Hedera (HBAR) launch last month. By shortening the delay provision, Franklin Templeton’s XRP ETF now follows the same accelerated path and may receive approval before the end of November.

While the SEC can still intervene, this change indicates that XRP ETF issuers are gaining more control over approval timing by adopting faster pathways, signaling that this time, things could indeed be different.