It is a truth universally acknowledged that when one is quite desperate for a decision from the U.S. Securities and Exchange Commission, one must surely await, sipping tea, for a most unreasonable length of time. Such is the fate of Franklin Templeton, a firm not unknown to fortune (managing, I daresay, more than $1.5 trillion), who endeavoured to introduce an exchange-traded fund (ETF) tethered most affectionately to XRP. The Commission, with no small amount of dignified procrastination, has, in its wisdom, chosen to delay any pronouncement until June 17, 2025.
The first proposals began, as such important matters so often do, with a flurry of papers in March 2025, to the genteel offices of the Cboe BZX Exchange and the ever-abiding Federal Register. A most stimulating period ensued, in which the finer points of BZX Rule 14.11(e)(4) were thoroughly pondered — or at least, made to appear so in polite society.
The SEC, possessing all the urgency of a debutante considering an unsuitable suitor, remarked that, indeed, it was “appropriate” to take a longer interval to meditate on “the issues raised herein.” One can only imagine the hours of pensiveness involved, interrupted periodically by cucumber sandwiches and genteel sighs.
This much-anticipated Franklin XRP Fund joins a veritable ballroom filled with hopeful crypto suitors. The Commission’s dance card is positively overflowing: Ethereum, Solana, and even that most boisterous of tokens, Dogecoin, await their turn to curtsy for approval. (Bitwise’s Dogecoin ETF, too, has been instructed to linger at the edges of the room until June 15, 2025 — no scandal here, only relentless bureaucracy.)
Of course, Franklin Templeton is not alone in this pursuit. Reputable houses such as Grayscale, Bitwise, WisdomTree, and 21Shares have thrown their hats (and fortunes) into the ring, all desperate to catch the approving nod of our dear Commissioners.
At present, XRP stands as the fourth most prominent creature in the cryptocurrency menagerie, fluttering about $2.29 and presenting a lively 7% increase this week alone — perhaps encouraged, like a young lady at her first ball, by the mere scent of attention from the financial establishment. 💃📈
Will the patient suitors, led heroically by Franklin Templeton, finally receive their long-awaited invitation? Or must they return again, year after year, to the season, forever waiting for the SEC to decide if crypto is suitable for marriage? Stay tuned, dear reader; the plot thickens — and so, seemingly, does the paperwork. 📝😏
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2025-04-29 22:16