Franklin Templeton
Franklin Templeton is one of the world's largest asset management firms. FranklinTempletonTV YouTube | The Inspiration Behind Our Brand, Benjamin Franklin FranklinTempletonTV YouTube Channel/Screenshot

KEY POINTS

  • The investment firm noted how the XRP Ledger is a standout in the blockchain space due to its primary function of 'transactional utility'
  • Ripple CEO Brad Garlinghouse re-posted a report on the development, indicating the filing could be more significant than others
  • Bloomberg's James Seyffart said the SEC delays are expected since the new Chair hasn't been confirmed yet

Franklin Templeton, a leading global investment company, has filed an S-1 document with the U.S. Securities and Exchange Commission (SEC) to issue an XRP exchange-traded fund (ETF) just as news emerged that the financial regulator delayed its decision on approving or denying applications for other crypto ETFs.

The investment firm is just one of several companies hoping to issue an XRP ETF amid the rise in cryptocurrency ETFs.

Franklin Templeton Highlights $XRP Benefits

In its Tuesday filing, Franklin Templeton said the XRP Ledger, whose development is being overseen by fintech firm Ripple, is "better positioned than most" other digital asset networks.

It also featured the key benefits of the XRP Ledger, which include:

  • Transactional utility – Franklin Templeton noted that the Ledger stands out from other crypto networks because of its primary function of "transactional utility," not store of value.
  • Faster, more energy-efficient – It also pointed out that due to the Ledger's consensus-based algorithm, it is faster, more energy-efficient and scalable, making it suitable for cross-border financial transactions.
  • High-volume utility – The investment firm also underscored how the Ledger "can handle up to 1,500 transactions per second, far more than the Bitcoin or Ethereum blockchain."

Ripple CEO Brad Garlinghouse has since posted about the development, re-sharing a post from Blockworks that reported on the latest filing for an XRP ETF.

One crypto user noted that "this filing means something if Brad's tweeting about it," given how Garlinghouse doesn't always post about filings for an XRP ETF.

SEC Delays Decision on Other Crypto ETF Filings

Meanwhile, amid celebrations across the XRP community, the SEC on Tuesday delayed its decision on several altcoin ETF filings, including filings for Solana (SOL) ETFs, Litecoin (LTC), XRP, and Dogecoin (DOGE).

Senior Bloomberg ETF analyst James Seyffart said the delay is expected and is "standard procedure," considering how Paul Atkins, the new SEC Chair appointed by U.S. President Donald Trump, hasn't been confirmed yet.

Still, Seyffart believes the projected timeline he and colleague Eric Balchunas produced is still on track.

They previously predicted that Litecoin ETFs filed by Grayscale and Canary Capital have a 90% chance of getting approved this year, explaining that LTC and DOGE are crypto coins the SEC "likely" sees as commodities, not securities.

$XRP Climbs on News

XRP prices saw a slight pump Tuesday night after news of the Franklin Templeton filing spread on social media. The token is up nearly 4% in the day, as per CoinGecko data.

On the other hand, the digital currency is down over 12% in the last seven days amid a broader crypto market downturn due to a dip in financial markets.

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