XRP ETF interest is gaining traction as Canary Capital takes a significant step toward launching a U.S.-centered cryptocurrency exchange-traded fund. The asset manager has officially submitted a filing with the U.S. Securities and Exchange Commission (SEC) to introduce the “American-Made Crypto ETF,” focusing on digital assets with strong ties to the United States.
Canary’s Vision for a U.S.-Linked Crypto ETF
On August 22, Canary Capital filed an S-1 registration statement with the SEC, aiming to establish an ETF that closely follows the Made-in-America Blockchain Index. This index seeks to represent cryptocurrencies developed or heavily operated within the United States, either by virtue of their founding, mining processes, or protocol maintenance being U.S.-based.
Unlike more generalized crypto ETFs, this fund will maintain a limited scope by concentrating only on assets with clear domestic roots. According to the filing, the ETF may also engage in yield-generating blockchain activities such as staking—provided that it falls within the allowed regulatory framework. These activities could offer investors additional returns beyond standard ETF movement.
Key Roles and Exchange Listing in Progress
Canary Capital will serve as the ETF’s sponsor, while CSC Delaware Trust Company has been named trustee. The fund’s shares aim to list on the Chicago Board Options Exchange (Cboe) BZX Exchange. However, Cboe has not yet submitted a 19b-4 application, a requirement for formally proposing such listings to the SEC. The ETF will trade under the ticker symbol MRCA.
Some components of the fund’s operations are still undisclosed, including the identities of its official transfer agent and crypto custodians. These details are expected to emerge as the fund progresses through regulatory scrutiny.
Will XRP Be Included?
The possibility of XRP being part of the ETF has sparked interest across the crypto community. Bloomberg ETF analyst Eric Balchunas drew attention to the filing, emphasizing that only U.S.-native crypto projects will be part of the index. While he did not confirm any specific tokens for inclusion, Balchunas polled his social media followers for likely contenders.
Jacob King, CEO of Whale Wire, named both XRP and Solana among the potential candidates. His reasoning stems from both cryptocurrencies’ American-made credentials. XRP was initially pre-mined by three U.S.-based engineers and later championed by Ripple, a San Francisco fintech company. Ripple has played a crucial role in the development and scaling of the XRP Ledger (XRPL), the public blockchain supporting the token.
Solana also began as a U.S.-based venture, developed by engineers in the country and supported by local funding sources. Both projects meet Canary’s criteria of being U.S.-originated and operated, strengthening their eligibility for ETF inclusion.
SEC Review and Market Impact
Currently, the SEC continues its review of an independent proposal to launch a spot XRP ETF—also backed by Canary Capital. Should the agency approve either of these ETF efforts, it would mark a major milestone for organizations aiming to legitimize crypto in traditional investment formats, and it could fuel increased institutional demand for XRP and similar American-made tokens.
Illustration representing U.S.-based cryptocurrencies as part of a blockchain ETF strategy.
