Canary Capital has officially filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot XRP exchange-traded fund. This move marks the second time this month that a firm has sought approval for such a product. The firm stated in its S-1 registration statement that the Canary XRP ETF provides investors with access to the XRP market through traditional brokerage accounts, eliminating the barriers and risks of holding XRP directly.
Steven McClurg, founder of Canary Capital, expressed optimism about the evolving regulatory landscape, noting that there is a growing demand from investors for sophisticated cryptocurrency access beyond Bitcoin and Ethereum. He emphasized that investors are particularly interested in enterprise-grade blockchain solutions and their associated tokens, such as XRP.
This filing follows Bitwise's recent submission of its own S-1 registration statement last week. Historically, a spot XRP ETF has not received SEC approval, and should it be approved, it may face significant challenges. The SEC is currently involved in a legal dispute with Ripple, as it has accused the company of raising $1.3 billion through the sale of XRP, which the agency classifies as an unregistered security.
This article is provided for informational purposes only and does not constitute legal, tax, investment, or financial advice.
