Canary XRP ETF Clears Final Hurdle—But Will the Looming Government Shutdown Derail Crypto’s Big Moment?

The Canary XRP ETF just hit its last regulatory milestone—a green light that should've sent champagne corks popping across Crypto Twitter. Instead, traders are side-eyeing Washington's fiscal circus.

The ETF That (Almost) Could

After months of backroom wrangling, the SEC's rubber stamp means institutional money could flood XRP markets by Thanksgiving. Unless, of course, Congress decides to play budgetary chicken—again.

Shutdown Showdown

Federal funding deadlines don't care about crypto's moon missions. If agencies go dark, ETF approvals get stuck in bureaucratic limbo. Wall Street's new favorite toy? Stuck waiting for politicians to stop grandstanding.

The Punchline

Nothing unites crypto bros and hedge fund managers like watching the government fumble basic arithmetic. Maybe we should've put *those* operations on blockchain.

Canary XRP ETF Prepares For Launch With Form 8-A Filing 

The Canary XRP ETF is set to launch following the asset manager’s FORM 8-A filing with the SEC. The filing shows that the firm has gotten approval from the Nasdaq to list shares of its fund on the stock exchange. This comes after Canary amended its S-1 to remove the delay amendment, enabling its XRP ETF to launch pending approval from Nasdaq, which it has now secured. 

The Canary XRP ETF is expected to go live tomorrow, according to journalist Eleanor Terrett. The fund will become effective today upon Nasdaq’s certification of its listing. With this, Canary’s XRP fund will become the first ‘33 Act XRP ETF to launch, making it the first to provide 10% spot exposure to XRP. 

Notably, the U.S. government shutdown had delayed the launch of Canary’s XRP ETF and other pending crypto ETFs, which could have gotten the SEC’s approval as early as last month. However, since the SEC hasn’t been able to make their registration statements effective, these fund issuers have taken this route of removing the delay amendment in order to gain auto-effective approval. 

Bitwise and Grayscale have also amended the S-1 for their applications and could launch soon after Canary’s fund goes live. Moreover, the U.S. government shutdown is set to end this week, potentially allowing the SEC to approve the pending fund applications as early as next week. 

The Industry Has Come A Long Way

Market expert Nate Geraci highlighted how the crypto industry has come a long way with the imminent launch of the Canary XRP ETF. He noted that just over a year ago, the SEC appealed the court’s decision that the altcoin did not meet the legal definition of a security. Now, the first ‘33 Act spot XRP ETF is set to launch with the commission’s blessing. 

In line with this, Geraci described the crypto regulatory shift over the past year as night and day. The funds are expected to record strong demand upon their launch. Geraci had previously alluded to the demand for the CME XRP futures and futures XRP ETFs as evidence that these spot funds will see strong inflows. Canary Capital CEO Steven McClurg has predicted that funds could see up to $10 billion in inflows in their first month. 

At the time of writing, the xrp price is trading at around $2.39, down over 4% in the last 24 hours, according to data from CoinMarketCap.