SEC Opens Public Comments on Franklin Templeton’s Proposed XRP and Solana ETFs

In separate filings published June 17, the SEC announced the initiation of proceedings that could lead to the listing and trading of the Franklin XRP ETF and Franklin Solana ETF on the Chicago Board Options Exchange (Cboe) BZX Exchange. This move follows an earlier proposal submitted by Cboe in March, which the regulator had postponed in April, extending its decision window until mid-June.

The SEC emphasised that the commencement of proceedings does not imply a definitive stance on the applications. Instead, it is a call for public input on the proposed rule changes. Once published in the Federal Register, the agency will have an additional 35 days to review feedback and make a final decision, extending the deadline into July.

While the SEC has already approved spot ETFs tied to Bitcoin (BTC) and Ether (ETH), the push for investment vehicles linked to XRP and Solana (SOL) is intensifying. Franklin Templeton is among several asset managers, including Bitwise, 21Shares, and ProShares, seeking to pioneer the next wave of crypto-backed ETFs.

The broader context includes a noticeable shift in the SEC’s regulatory posture under the Trump administration. Chair nominee Paul Atkins has overseen a rollback of several high-profile enforcement actions against crypto firms, signalling a softer stance toward the industry. Though it’s uncertain whether this evolving regulatory attitude will apply to Solana and XRP ETFs, Trump’s recent proposal to include these tokens in a national crypto reserve adds another layer of intrigue to the SEC’s upcoming decisions.

As the race to launch the first XRP and Solana ETFs heats up, all eyes will be on how the SEC balances investor protection, market integrity, and the growing demand for diverse digital asset exposure.

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