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Franklin XRP ETF intends to be exchanged on the CBOE BZX exchange via a 19b-4 submission.
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According to Wu Blockchain, a Chinese crypto reporter covering the blockchain and cryptocurrency sector, the Chicago CBOE BZX exchange has submitted with the SEC on behalf of Franklin Templeton to exchange its XRP exchange-traded fund.
> Cboe BZX Exchange is submitting a proposed rule modification (19b-4 filing) to the SEC to list and trade shares of the Franklin XRP ETF (a series of the Franklin XRP Trust).
## CBOE Submits 19b-4 Application for XRP ETF
CBOE is utilizing the 19b-4 application form to request this authorization. Earlier this week, Franklin Templeton applied with the SEC to introduce its own XRP ETF. Following this submission, the SEC revealed it would postpone judgments on two other previously submitted XRP ETFs from Grayscale and Canary Capital.
The submission of the 19b-4 form is the second required step to introducing an ETF. First, Franklin Templeton submitted directly with the SEC, mentioning that the ETF would trade on CBOE and that Coinbase Custody would function as Franklin’s platform for holding XRP.
Now, the exchange has submitted the aforementioned form to verify that it will trade Franklin XRP ETF shares.
A significant participant in the financial sector, Franklin Templeton, possessing $1.53 trillion in holdings, is entering the competition for an XRP exchange-traded fund. They are becoming a member of a group that consists of Bitwise, Canary Capital, 21Shares, Grayscale, and WisdomTree, all contending for a portion of the XRP market.
The Securities and Exchange Commission initially authorized spot Bitcoin and Ethereum ETFs at the beginning of 2024, leading to a rise in requests for comparable funds based upon XRP, Solana (SOL), and Dogecoin (DOGE). Gary Gensler, who was then the SEC chairman, regarded BTC and ETH as commodities, clearing the path for their ETF authorization.
Nevertheless, circumstances have transformed since Gensler’s exit and Mark T. Uyeda’s assumption of the role of acting chairman. Uyeda is indicating a distinctive strategy towards alternative cryptocurrencies, even suggesting the possibility of discontinuing legal actions that Gensler had started against prominent crypto corporations like Coinbase, Unicorn, and Robinhood Crypto.
The authorization of an XRP ETF could considerably elevate XRP demand, as issuers are required to obtain the fundamental asset to sustain the fund. We witnessed this unfold with the spot Bitcoin ETFs in the prior year.
The pursuit of an XRP ETF has formally commenced!
