The U.S. Securities and Exchange Commission has delayed its decision on Franklin Templeton's spot XRP ETF application, extending the review period by 60 days to November 14, 2025. This marks the second delay for the application initially filed in March 2025, with the original deadline set for September 15.
The SEC has 15 XRP ETF applications currently under review, with most having deadlines in October 2025. The extension follows the Commission's established pattern of thorough evaluation for cryptocurrency ETFs, particularly those involving assets like XRP that have faced previous regulatory scrutiny.
Despite this setback, XRP's price remained stable around $3 following the announcement. Polymarket data indicates a 90%+ probability that a spot XRP ETF will be approved by year-end, suggesting market confidence remains high despite regulatory delays.
The SEC is evaluating multiple factors including custody solutions, valuation methods, and surveillance sharing agreements to prevent market manipulation. The extension mirrors the agency's approach to other crypto ETFs, including a recent delay in decision-making for staking features in BlackRock's ETH ETF.