- Canary’s XRP ETF listed on DTCC, but SEC approval pending.
- Solana, XRP, and Hedera ETFs listed on DTCC platform now.
- SEC delays ETF decisions, crypto community anticipates positive outcomes ahead.
Canary Capital Group’s spot XRP exchange-traded fund (ETF) proposal and Hedera’s ETF proposal have officially been listed on the Depository Trust & Clearing Corporation (DTCC) website. This marks a significant development as these proposals inch closer to potential approval, though the DTCC’s listing alone doesn’t guarantee SEC approval.
According to Cointelegraph, the inclusion of the XRP and Hedera ETFs, alongside Fidelity’s Solana ETF proposal, on the DTCC platform marks a significant step in their journey toward potential approval. However, it’s important to note that this is a routine step in the process and doesn’t imply that the U.S. Securities and Exchange Commission (SEC) has decided on these ETFs yet.
Nate Geraci, president of NovaDius Wealth Management, pointed out that the DTCC listing is simply a preparatory measure for any future ETF launches and doesn’t reflect the SEC’s stance on the proposals.
Also Read: Crypto Market Surge: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Lead the Charge
SEC Delays ETF Decisions Amid Growing Anticipation
Since the beginning of the year, the SEC has been delaying decisions on several altcoin ETFs, including the XRP ETF proposal. These delays have created confusion as the SEC demands more time to review without providing any further clarity.
For instance, the SEC postponed its decision on Canary’s XRP ETF to a window between October 18 and 23. Likewise, the Canary HBAR ETF ruling was postponed to November, and the Fidelity Solana ETF is also likely to be resolved in October.
Even with these continued delays, the crypto sector is hopeful, particularly with a pro-crypto change of leadership in the SEC. Bloomberg analysts believe that both the XRP and Solana ETFs have a 95% chance of passing, and Hedera has a 90% chance. Such optimism is informed by the increasing expectation that the SEC will approve altcoin ETFs soon enough rather than never.
By the time of the report, every token that had been added to the DTCC list, including Solana, Hedera, and XRP, had been gaining market, with Solana up by 7%, Hedera by 3.63%, and XRP up 1.88%
What’s Next for the Canary XRP and Hedera ETFs?
As the DTCC’s listing brings these ETFs closer to potential approval, the industry eagerly awaits the SEC’s final decisions. While the listings represent a significant move in the process, the SEC’s approval is essential for the formal launching of these ETFs.
Over the next few weeks, the SEC activities will be closely scrutinized by market participants and crypto enthusiasts who will be waiting to receive a notification about whether or not the Canary XRP and Hedera ETFs will be approved.
Also Read: Crypto Market Surge: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) Lead the Charge
