Jun. 17, 2025
Dear Commissioners, I am writing to express my strong support for the approval of the proposed rule change under SR-CboeBZX-2025-040 to list and trade shares of the Franklin XRP ETF on the Cboe BZX Exchange. The approval of this ETF would represent a significant step forward in modernizing access to digital asset markets through regulated, transparent investment vehicles. XRP is a digital asset with over a decade of active market presence, deep liquidity, and an established role in cross-border financial infrastructure. The XRP Ledger operates openly and efficiently, and XRP itself is now legally recognized in the U.S. as not a security in secondary market trading — a fact acknowledged in federal court. A spot-based XRP ETF would benefit investors by: Providing regulated exposure to XRP through standard brokerage accounts Enhancing price transparency and market integrity Reducing risks associated with unregulated platforms or custody practices Expanding investor choice alongside approved ETFs for BTC and ETH Given that XRP is already widely traded on U.S. platforms and used in institutional financial applications globally, it is appropriate and consistent with precedent to approve an XRP-based ETF for public market participation. Thank you for your time and consideration.