XRP ETF Race Intensifies as Major Firms File SEC Updates

Franklin Templeton’s amended S-1 filing dated November 4 features shortened “8(a)” language, a critical legal modification that allows the registration to take effect automatically within 20 days without requiring direct SEC sign-off. This strategic move, revealed by Bloomberg ETF analyst James Seyffart, enables the Franklin XRP Trust to proceed with its plan to hold XRP as its primary asset and track its price performance. The prospectus outlines the fund’s structure and investment objectives, positioning it for potential launch within the regulatory window.

Both Bitwise and Canary Capital made similar filings last week, removing the “delaying amendment” that normally gives the SEC control over approval timing. According to journalist Eleanor Terrett, this legal positioning could enable Canary’s ETF to debut as early as November 13, assuming Nasdaq grants final clearance through its 8-A filing. These coordinated moves represent a sophisticated understanding of securities regulations and demonstrate the asset managers’ confidence in the current regulatory environment for cryptocurrency products.

The approach mirrors the successful strategy employed by issuers of Solana (SOL), Litecoin (LTC), and Hedera (HBAR) ETFs last month, which launched under the same automatic rule despite parts of the U.S. government being shut down. Those launches demonstrated the viability of this regulatory pathway, with Bitwise’s BSOL ETF recording $56 million in first-day trading volume—the highest among over 850 ETFs launched this year. This precedent provides strong evidence that the market is ready to embrace XRP-based investment products with similar enthusiasm.

The successful deployment of this strategy for multiple digital assets suggests a maturing understanding between cryptocurrency issuers and regulators. The fact that these launches proceeded during a government shutdown indicates the robustness of the automatic effectiveness provisions in securities law and highlights the growing institutional sophistication in navigating crypto regulatory frameworks. The substantial trading volumes achieved by previous crypto ETFs signal strong investor appetite for regulated digital asset exposure.

The expected XRP ETF wave arrives amid unprecedented activity in the crypto ETF space, with over 150 cryptocurrency ETF filings currently pending with the SEC across 35 different digital assets. XRP currently ranks as the third most-targeted cryptocurrency for ETF applications, with approximately 20 separate filings trailing only Solana and Bitcoin in terms of issuer interest. This concentration of filings around specific assets reflects both market demand and regulatory clarity considerations.

Industry analysts view these developments as indicative of a clear shift in regulatory tone, particularly following the resolution of Ripple’s five-year legal dispute with the SEC in August 2025. Nate Geraci of NovaDius Wealth Management believes XRP ETFs could “launch within the next two weeks,” describing the moment as “major” for mainstream crypto investing. The convergence of legal resolution, regulatory accommodation, and institutional interest creates a perfect storm for XRP’s entry into the traditional financial ecosystem through regulated investment vehicles.

The rapid succession of filings from multiple established asset managers suggests coordinated market timing and shared confidence in the regulatory landscape. With Franklin Templeton, Bitwise, and Canary Capital all pursuing similar strategies simultaneously, the competition appears poised to deliver multiple XRP investment options to investors in the coming weeks, potentially transforming XRP’s market accessibility and liquidity profile in traditional finance markets.