The U.S. Securities and Exchange Commission (SEC) announced on June 17 that it has initiated proceedings to evaluate a proposed rule change by Cboe BZX Exchange Inc. regarding the listing and trading of an exchange-traded fund (ETF) called the Franklin XRP ETF.

This proposed change, originally filed on March 13, 2025, seeks approval under BZX Rule 14.11(e)(4) for Commodity-Based Trust Shares. The SEC had previously extended the review timeline on April 29 but has now opened formal proceedings under Section 19(b)(2)(B) of the Securities Exchange Act of 1934. As the order states:

The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act13 to determine whether the proposed rule change should be approved or disapproved.

The ETF, managed by Franklin Holdings LLC, aims to mirror the performance of XRP’s price, before expenses. Coinbase Custody Trust Company LLC would serve as the XRP custodian, while valuation will be determined daily using the CME CF XRP-Dollar Reference Rate—New York Variant. Share transactions, whether creation or redemption, will be conducted in cash or in-kind in units of 50,000 shares.

A central feature of the proposal is the composition of the fund’s assets. The filing states:

The Fund will hold only XRP, cash, and cash equivalents.

The sponsor has emphasized that these components are consistent with the ETF’s investment objective and structure.

The SEC’s notice outlines concerns around compliance with Section 6(b)(5) of the Exchange Act, which demands rules that deter fraud and safeguard public interest. The SEC has requested public feedback, stating: “In particular, the Commission seeks comment on whether the proposal to list and trade shares of the Trust, which would hold XRP, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission.” Interested parties are invited to submit written comments via the SEC’s official channels for further assessment.

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