The race to launch the first wave of U.S. spot XRP ETFs is intensifying again with new timelines for debut emerging.
Bloomberg ETF analyst James Seyffart has revealed that Franklin Templeton has submitted an updated S-1 registration statement for its XRP ETF. According to Seyffart, the firm shortened its Form 8(a) language to make the ETF set for a near-term market debut.
Specifically, he noted that Franklin Templeton is “looking to launch [its XRP ETF] this month.”
Crypto in America journalist Eleanor Terrett also confirmed the development. She highlighted that Franklin Templeton now joins Canary Capital and Bitwise as issuers that recently updated their XRP S-1 filings.
And another one. So far we’ve got @CanaryFunds, @BitwiseInvest and now @FTI_US updating their $XRP S-1s. https://t.co/xYKFq1PXSp
— Eleanor Terrett (@EleanorTerrett) November 4, 2025
This wave of updates suggests a coordinated push across the industry to take advantage of the current regulatory window as the U.S. government remains in shutdown.
Geraci’s Two-Week Window Aligns With New Filings
Notably, the string of updated S-1s supports recent expectations from ETF expert Nate Geraci, who projected that a new set of spot XRP ETFs could go live within two weeks, targeting mid-November.
Among the current contenders, Canary Capital appears to be the closest to launch. After removing the delaying amendment from its S-1 last week, Canary’s spot XRP ETF automatically becomes effective 20 days after filing. This places its estimated debut around November 13.
The firm previously used this strategy for its Litecoin and Hedera products, both of which successfully launched despite the ongoing U.S. government shutdown. Analysts expect the same mechanism to give Canary an early lead in the XRP ETF race.
Shutdown Pressures Issuers Toward Auto-Effective Filings
The prolonged government shutdown has significantly slowed SEC operations. As a result, issuers like Franklin Templeton and Bitwise are leaning on the auto-effective pathway to bypass delays.
SEC Chair Paul Atkins recently endorsed this mechanism for companies seeking to roll out new products. This has given issuers more confidence to proceed without full regulatory engagement.
More Issuers Expected to Join the XRP ETF Fast-Track
With Franklin Templeton now joining Canary Capital and Bitwise in updating S-1 filings, industry watchers expect other major issuers like Grayscale, 21Shares, CoinShares, and WisdomTree to follow suit.
Notably, the first U.S. XRP ETF by REX Osprey went live in September and has already accumulated approximately $105 million in assets.
Bitwise’s Matt Hougan and Canary Capital’s Steven McClurg predict that the combined inflows into upcoming XRP ETFs could surpass $10 billion within months of their debut. Based on this expectation, analysts are projecting double-digit price actions for XRP this year and early 2026.
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