Canary Capital Launches XRP ETF Registration with SEC

XRP ETF Developments

In a pivotal stride for cryptocurrency investors, Canary Capital has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to establish a spot XRP exchange-traded fund. This filing not only represents the second such initiative this month, following Bitwise's recent application, but also highlights the growing interest in diverse exposure to XRP in the market.

Potential Market Impact

According to Canary Capital, the proposed Canary XRP ETF would allow investors to access the XRP market through a standard brokerage account, mitigating the barriers and risks associated with the direct acquisition and holding of XRP.

• Steven McClurg, founder of Canary Capital, noted encouraging signals from the regulatory environment.
• Growing demand is noted for sophisticated access to cryptocurrencies beyond traditional options.
• Specifically, investors are seeking opportunities in enterprise-grade blockchain solutions and native tokens like XRP.

As of now, a custodian for the proposed ETF has not been disclosed. However, challenges may arise considering the SEC's ongoing litigation against Ripple concerning the nature of XRP as an unregistered security. This situation underscores the complexities surrounding regulatory approaches to crypto investments.

For further details on this developing story, stay tuned as more information becomes available.