The move follows a quickening cadence of XRP ETF edits. On October 31, Bitwise filed another amendment to its S-1—its fourth since the initial 2024 submission—an update observers characterized as one of the last steps before potential effectiveness, with details such as the intended listing venue and a stated management fee included in reporting around the filing.
What Seyffart and Terrett are highlighting is a technical but consequential distinction in S-1 drafting. For most offerings, issuers include a delaying clause stating: “The registrant hereby amends this registration statement… to delay its effective date… as the Commission… may determine.” That language keeps the SEC in control of timing.
By shortening or removing it, issuers can allow the registration to become effective automatically after 20 days under Section 8(a), provided all other conditions—chiefly a separate exchange listing approval and the 8-A registration for the class of securities—are satisfied. Franklin’s update is exactly that kind of acceleration attempt.
Franklin’s XRP trust has been moving through the pipeline since spring. The trust first filed a Form S-1 on March 11, 2025, laying out the product structure, custody with Coinbase Custody for XRP and BNY Mellon for cash, and a Cboe BZX listing plan. That initial filing—and even an August 22, 2025 amendment—still contained the classic delaying clause, underscoring how notable any subsequent change to the 8(a) language would be at this stage.
For XRP specifically, today’s question is not whether a single update guarantees a green light—S-1 effectiveness, an effective Form 8-A, and a completed exchange approval still need to intersect—but whether three different issuers are now aligned on a path to list in November if no new regulatory objections arise.
Terrett summarized the scoreboard succinctly: “And another one. So far we’ve got @CanaryFunds, @BitwiseInvest and now @FTI_US updating their XRP S-1s.” Her thread, together with Seyffart’s note on Franklin’s “shortened 8(a) language,” captures the market’s interpretation: issuers are positioning for a near-term debut.
The next inflection points are therefore procedural. If Canary’s self-set timeline holds and Nasdaq completes its 8-A onboarding for the class of shares, November 13 is the first plausible listing date for a spot ETF.
At press time, XRP traded at $2.23.
