Franklin Templeton’s Strategic Move to Launch XRP ETF
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Franklin Templeton has recently submitted an updated registration statement for its planned spot XRP exchange-traded fund (ETF), becoming the latest entity to adjust the crucial “8(a)” language that dictates when an S-1 can become effective. Bloomberg analyst James Seyffart noted this significant update, stating: “NEW: Franklin Templeton files updated XRP ETF S-1 with shortened 8(a) language. Looking to launch this month.”
Accelerated Developments in XRP ETF Filings
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The momentum of changes in XRP ETF filings is rapidly increasing. On October 31, Bitwise Investments submitted yet another amendment to its S-1, marking its fourth revision since the initial 2024 submission. Observers have described this update as one of the final steps before potential approval, with crucial details such as the intended listing venue and management fee now included in the documentation.
Canary Funds’ Strategic Shift
Meanwhile, smaller issuer Canary Funds has made a notable procedural change by removing the standard “delaying amendment,” which typically prevents automatic effectiveness. This adjustment places the filing under Section 8(a) of the Securities Act and initiates a 20-day countdown. Journalist Eleanor Terrett reported: “SCOOP: Canary Funds has filed an updated S-1 for its XRP spot ETF, removing the ‘delaying amendment’… This sets Canary’s XRP ETF up for a launch date of November 13, assuming the Nasdaq greenlights the 8-A filing.”
Understanding the Importance of 8(a) Language in S-1 Drafting
Seyffart and Terrett have highlighted a critical distinction in the drafting of S-1 forms. For most offerings, issuers include a clause that delays the effective date, allowing the SEC to control the timing. By modifying or removing this clause, issuers can enable the registration to automatically become effective after 20 days under Section 8(a), provided other conditions are met, including a separate exchange listing approval and the 8-A registration for the class of securities. Franklin Templeton’s recent update exemplifies this strategy to expedite the process.
Franklin Templeton’s Path to an XRP ETF Launch in November
Franklin Templeton’s XRP trust has been navigating the regulatory landscape since the spring. Initially filed on March 11, 2025, the Form S-1 outlined the product’s structure, custody arrangements with Coinbase Custody for XRP and BNY Mellon for cash, and a listing plan on Cboe BZX. The initial filing, along with an amendment on August 22, 2025, still included the conventional delaying clause, making the recent change in 8(a) language noteworthy.
Bitwise’s Persistent Amendments
Bitwise has also been actively submitting amendments. SEC records indicate multiple changes to Bitwise’s S-1 filing for its XRP ETF through October, covering venue and fee disclosures and third-party trackers. The procedural context is essential, particularly given the current regulatory environment. Following an SEC operations slowdown caused by the October government shutdown, several crypto ETPs have leveraged the 8(a) pathway to achieve effectiveness on a predetermined schedule by eliminating delaying language. This approach has facilitated the launch of spot Solana (SOL) and Hedera (HBAR) ETFs recently.
Navigating the Path to Approval for XRP ETFs
For XRP, the central question is not whether a single update ensures approval, as S-1 effectiveness, an effective Form 8-A, and completed exchange approval need to coincide. Instead, the focus is on whether three different issuers are now aligned to potentially list in November, provided no new regulatory hurdles emerge.
Eleanor Terrett summarized the situation succinctly: “And another one. So far we’ve got @CanaryFunds, @BitwiseInvest, and now @FTI_US updating their XRP S-1s.” Her insights, along with Seyffart’s observations about Franklin’s “shortened 8(a) language,” reflect the market’s anticipation of a near-term launch.
Key Future Developments
The next critical steps are procedural. If Canary’s self-imposed timeline is maintained and Nasdaq completes its 8-A onboarding for the class of shares, November 13 could be the first feasible listing date for a spot ETF.
At the time of writing, XRP is trading at $2.23.
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