Canary Likely to Hit Pause on ETF Filings With XRP, Eyes SEC Shift for What’s Next
Canary Capital will likely hit pause on new crypto exchange-traded fund (ETF) filings for the remainder of the year, with CEO Steve McClurg saying the firm has already submitted applications for every token currently eligible under existing regulatory guidelines.
Speaking in an interview with CoinDesk, McClurg said the XRP ETF launched this week and a pending Solana SOL$143.68 product round out the company’s current slate.
“After that, we will have filed everything that falls under the generic listing standards,” McClurg said, referring to the SEC’s framework that allows certain crypto-backed exchange-traded funds to move forward without lengthy review processes.
Under these standards, a crypto asset must meet criteria like having a futures market that has traded for more than six months. That bar leaves only a short list of assets Canary believes can currently qualify.
McClurg noted that the firm will now shift its focus toward managing existing products and awaiting changes in how the Securities and Exchange Commission treats crypto ETFs. For any new launches, “we’re just waiting for them to qualify, either under generics or via a 19b-4 approval,” he said, referencing a separate, more involved process for ETF authorization.
On Thursday, Canary brought the first spot XRP ETF to the market, which debuted with $58 million in trading volume, making it one of the most successful ETF launches this year, according to Bloomberg's ETF analyst Eric Balchunas.
McClurg believes the XRP fund could outperform its Solana counterparts, which launched earlier this month, as the XRP network is more familiar to traditional finance players than Solana, which is more embedded in the crypto-native ecosystem, he said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Japan Unveils $110B Stimulus: Major Shift from Fiscal Restraint to Economic Expansion and National Security
- Japan's PM Sanae Takaichi unveils $110B stimulus to combat stagnation and bolster security amid China tensions. - Plan includes tax cuts, utility subsidies, defense spending, and strategic investments in AI, semiconductors , and shipbuilding. - Funded by 14-trillion-yen supplementary budget, with potential expansion to 20-trillion-yen ($133B) as per analyst estimates. - Shift from austerity reflects Takaichi's hardline security stance and response to China's travel advisory over Taiwan remarks. - Impleme
Bitcoin News Update: Bitcoin Reaches $96K Amidst Institutional Interest and Challenges from Regulations and Price Barriers
- Bitcoin surged past $96,000 as buyer accumulation and seller exhaustion drove short-term recovery, though $106,000–$118,000 remains a key resistance zone. - Harvard’s $443M investment in BlackRock’s IBIT highlights growing institutional adoption, contrasting traditional preferences for private equity. - Bitcoin Depot reported 20% Q3 revenue growth but faces regulatory challenges, expanding internationally while projecting Q4 declines due to compliance costs. - MicroStrategy’s Michael Saylor denied Bitcoi
Bitcoin News Today: Bitcoin Faces $62K Drop Threat Amid Fed's Data Silence Predicament
- Bitcoin faces $62K crash risk amid Fed uncertainty caused by U.S. government shutdown's "data blackout" disrupting inflation/labor data. - Post-Nov 13 reopening saw BTC rebound above $102K, but markets remain fragile with 20% decline from October peak despite $140B ETF growth. - Fed rate cut odds dropped to 52% for December, creating volatility as institutions like Harvard Endowment invest $443M in Bitcoin ETFs. - U.S. miners struggle with 37.75% global hashrate share amid lack of federal incentives, con
Bitcoin Updates Now: Crypto Faces a Standstill as Market Anxiety Meets Harvard’s Confident Bitcoin Investment
- Alternative Data's Fear & Greed Index hit record low 10 on Nov 16, signaling extreme crypto market fear and frozen investor sentiment. - Bitcoin fell 5% to $96,000 while CD20 lost 5.8% as profit-taking, liquidations, and liquidity declines accelerated selloffs. - Rising U.S. Treasury yields and central bank uncertainty worsened losses, with Nansen noting "perfect storm" of macro risks and institutional outflows. - Harvard's $443M IBIT ETF investment contrasts current bearishness, highlighting diverging i
Trending news
MoreCrypto prices
More
