What to Know:
- XRP ETF applications faced delays due to a U.S. government shutdown, impacting the SEC’s approval process.
- Canary Capital updated its S-1 registration, removing a “delaying amendment,” potentially setting up a November 13 launch date for its XRP ETF.
- Other prospective issuers like Bitwise and Grayscale may follow Canary’s lead, aiming for a November launch for their spot XRP ETFs.
The potential launch of XRP ETFs is gaining momentum as Canary Capital advances its application. The initial anticipation for XRP ETFs in October was dampened by unforeseen government shutdowns that stalled SEC approvals. Now, a revised timeline suggests a possible launch in November, contingent on regulatory progress.
Canary Capital’s strategic move to remove the “delaying amendment” from its S-1 filing signals a proactive approach. This amendment typically grants the SEC control over the timing of a product’s effectiveness, and its removal sets Canary’s XRP ETF for a potential launch date of November 13, pending Nasdaq’s approval of the ETF shares for trading. This development could pave the way for increased institutional investment in XRP.
ð¨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the âdelaying amendmentâ that stops a registration from going auto-effective and gives the @SECGov control over timing.
This sets Canaryâs $XRP ETF up for a launch date of November 13, assuming the⦠pic.twitter.com/MKvEN23t5P
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Other major players, including Bitwise, 21Shares, CoinShares, Grayscale, and WisdomTree, might also pursue the auto-effective mechanism. Should these firms follow suit, the crypto market could see several spot XRP ETFs launching in November. This increased accessibility could boost XRP’s visibility and potentially drive demand.
While the potential for XRP ETFs is exciting, some experts remain cautiously optimistic. Bloomberg ETF analyst Eric Balchunas noted that XRP ETF issuers have not engaged with the SEC as extensively as Solana ETF issuers did, which raises questions about their readiness. Nonetheless, Canary’s initiative is seen as a worthwhile effort to potentially expedite the launch of XRP ETFs.
The race to launch spot XRP ETFs is heating up, with a potential for multiple products to enter the market soon. This increased competition could benefit investors by providing more options for exposure to XRP. The developments surrounding these ETFs will be closely watched by those in the XRP community.
Source: Original article
