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Franklin Templeton Files for XRP ETF Amid Rising Altcoin Adoption

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Franklin Templeton has filed for an exchange-traded fund (ETF) tracking the spot price of XRP, highlighting the growing interest of asset managers in digital assets beyond Bitcoin. The filing, submitted on Tuesday, is part of a broader trend of increasing cryptocurrency ETF applications, fueled by expectations of a more favorable stance from the U.S. Securities and Exchange Commission under President Donald Trump’s administration.

This move follows Franklin Templeton’s recent filing for a Solana-based ETF last month and Grayscale Investments’ launch of a Dogecoin fund in January.

XRP, developed by U.S. crypto firm Ripple, is the world’s fourth-largest cryptocurrency, with a market capitalization of approximately $124 billion, according to CoinGecko. The token has surged more than threefold over the past year and is among the digital assets Trump has proposed for inclusion in a new strategic reserve.

Franklin Templeton’s XRP ETF is set to be listed on the Cboe BZX Exchange, with Coinbase designated as the custodian for the fund’s XRP holdings.

Coinbase Registers with Indian Financial Watchdog to Offer Crypto Trading

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Coinbase Global, the U.S.-based cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU), paving the way for its entry into the Indian crypto market. This registration allows Coinbase to offer crypto trading services in compliance with India’s financial regulations. The company announced on Tuesday that it plans to launch initial retail services later this year, with further investments and product offerings to follow, though a specific timeline has not been disclosed.

India has seen a surge in cryptocurrency interest, particularly among young investors eager to explore digital assets as an alternative income source. Local crypto exchanges such as CoinDCX, Binance, and KuCoin already operate in the country.

“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,” said John O’Loghlen, Coinbase’s regional managing director for Asia Pacific.

Under Indian law, virtual digital asset service providers, including crypto exchanges, must register with the FIU as reporting entities and adhere to the country’s anti-money laundering regulations. While India imposes a 30% tax on crypto trading gains—one of the highest globally—it has yet to establish comprehensive regulations for the sector.

The government’s stance on cryptocurrencies is under review, influenced by evolving global regulations and recent U.S. policy changes, particularly following Donald Trump’s presidential victory last year. A senior official indicated last month that India is closely monitoring international trends before finalizing its approach to crypto regulation.

Coinbase Urges US Regulators to Clear Path for Banks to Offer Crypto Services

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On Tuesday, Coinbase Global renewed its call for U.S. banking regulators to clarify or revise their stance on banks providing cryptocurrency services and forming partnerships with digital asset companies. The move comes amid a broader push by the crypto industry to lobby lawmakers for a regulatory framework that could foster the sector’s growth. Most traditional U.S. banks have been hesitant to engage with digital asset firms, citing the lack of regulatory clarity.

Coinbase’s Chief Policy Officer, Faryar Shirzad, expressed frustration on social media, claiming that U.S. bank regulators have “unilaterally and undemocratically” prohibited banks from offering crypto services. This marks the latest in a series of efforts by the crypto industry to press for more favorable regulations.

The crypto sector has been actively working to influence political outcomes, having donated millions of dollars to support Donald Trump’s bid for the White House, hoping to prioritize cryptocurrency regulation under a potential new administration. Shirzad also reached out directly to top U.S. banking regulators, including the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), urging them to allow banks to engage with crypto businesses. However, the OCC declined to comment, and the Fed and FDIC did not immediately respond to inquiries.

The crypto industry has often accused U.S. regulators of deliberately hindering their access to the traditional financial system. While regulators have denied these accusations, the recent move by the U.S. Securities and Exchange Commission (SEC) to create a task force focused on developing a regulatory framework for crypto assets signals a potential shift in policy.

Former PayPal executive David Sacks has also been appointed as Trump’s “White House A.I. & Crypto Czar,” further suggesting that digital assets may receive more attention from the government if Trump is reelected. Despite these political shifts, U.S. banks have remained cautious about adopting cryptocurrencies in their services.