- Canary Funds moves closer to XRP ETF approval after SEC filing.
- XRP community anticipates ETF launch as Nasdaq review nears completion.
- SEC signals support for auto-effective filings, boosting XRP ETF hopes.
According to Eleanor Terrett, Canary Funds has filed an updated S-1 registration statement for its XRP spot Exchange-Traded Fund (ETF), signaling that approval could come sooner than expected.
The company removed the “delaying amendment” from its filing, a clause that normally prevents a registration statement from becoming automatically effective and gives the U.S. Securities and Exchange Commission (SEC) control over the timing.
With the amendment now removed, the registration will automatically take effect under Section 8(a) of the Securities Act of 1933. This move positions Canary Funds for a possible ETF launch on November 13, provided Nasdaq grants final approval for its 8-A filing.
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Regulatory Momentum Builds Around Auto-Effective Filings
Terrett noted that the government’s reopening could affect the timing of the launch, depending on whether the SEC staff have completed their review or propose additional comments. However, the overall tone from regulators appears supportive.
SEC Chair Paul S. Atkins recently expressed approval of companies using the auto-effective route to move forward with offerings during the shutdown.
While he did not comment specifically on the XRP ETF, Atkins acknowledged that firms like Bitwise and Canary were correctly applying the statutory 20-day waiting period mechanism. This same approach helped enable recent launches of SOL, HBAR, and LTC ETFs earlier this week, setting a clear precedent for the XRP product.
Growing Optimism Across the XRP Community
The updated filing for the Canary XRP ETF describes a structure that gives investors exposure to the price of XRP through shares traded on the Nasdaq. The trust’s net asset value will track the CoinDesk XRP reference rate, with institutions such as CSC Delaware Trust Company, Gemini Trust Company, and BitGo Trust Company managing various custodial roles.
Momentum around the XRP ETF continues to build, with many in the crypto community viewing this as a pivotal development for digital asset investment products. If the SEC and Nasdaq approvals proceed smoothly, Canary’s XRP ETF could soon join the growing list of regulated crypto funds available to investors.
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