Canary Pauses XRP ETF Filings, Awaits SEC Developments
Canary Capital is expected to pause its crypto exchange-traded fund (ETF) filings for the rest of 2023. CEO Steve McClurg announced that the company has submitted applications for all currently eligible tokens based on existing regulatory standards.
Current ETF Filings
During a recent interview with CoinDesk, McClurg confirmed that Canary Capital’s current offerings include the newly launched XRP ETF and an upcoming Solana product. He stated, “After that, we will have filed everything that falls under the generic listing standards.” These standards set by the SEC enable certain crypto-backed ETFs to proceed with fewer delays.
Regulatory Framework and Criteria
- A crypto asset must have a futures market active for more than six months.
- Only a limited number of assets meet these qualifications.
- Canary will focus on managing existing products and monitoring SEC developments.
McClurg mentioned that any future launches will depend on assets qualifying either under generic standards or through a 19b-4 approval process, which is more rigorous.
XRP ETF Launch Success
The XRP ETF made its market debut on Thursday with an impressive trading volume of $58 million. This launch positions it as one of the year’s standout ETF introductions, according to Bloomberg ETF analyst Eric Balchunas.
Market Comparison
McClurg anticipates that the XRP fund will perform better than its Solana counterparts. He explained that the XRP network is more recognizable to traditional finance entities, whereas Solana caters more to the cryptocurrency-native audience.
