BREAKING: Canary Capital’s Spot XRP ETF Scores Historic SEC Approval Under 1933 Act

Wall Street's crypto skeptics just got served a steaming plate of regulatory irony.

Canary Capital's XRP ETF—the first digital asset fund greenlit under the Depression-era Securities Act—just bulldozed through the SEC's usual obstruction playbook. No more synthetic derivatives or futures-based workarounds. This is the real deal: spot exposure for institutional players who've been sidelined since 2020.

The 1933 Act angle? Brilliant legal jiujitsu. By structuring as a securities offering rather than begging for 1940 Act approval, Canary bypassed years of SEC foot-dragging. Take that, Gary Gensler.

Market impact? Immediate. XRP liquidity pools surged 300% in pre-market trading as arbitrage bots scrambled. TradFi dinosaurs are now stuck explaining to clients why they've been dismissing 'that Ripple token' for half a decade.

One hedge fund MD grumbled: 'We'll allocate 0.5%... for compliance theater.' Classic finance—always late to the party but first at the buffet.

XRP crypto ETF trading goes live at market open today

Nova Dius Wealth President Nate Geraci mentioned the launch on social media platform X, writing, “Website for first 1933 Act spot XRP ETF is live… Will be 4th single crypto asset in ETF wrapper after BTC, ETH, & SOL,” before correcting his statement to say it was 6th when Litecoin and Hedera are included. 

*6th…

ltc & hbar

How could I forget.

— Nate Geraci (@NateGeraci) November 13, 2025

Eleanor Terrett, former FOX News correspondent and now host of the crypto In America podcast, confirmed the ETF’s effective status, stating, “As of 5:30 PM ET, Canary Funds’ $XRP ETF is officially effective after Nasdaq certified the listing, clearing XRPC for launch on Thursday at market open.”

🚨NEW: @CanaryFunds CEO @stevenmcclurg gave me this statement on the $XRPC spot ETF:

"We are very excited to go effective with the first single-token spot XRP ETF. This WOULD not have been possible without the leadership of Chairman Atkins, Commissioner Pierce, and all the… https://t.co/PPCJfZWIA4

— Eleanor Terrett (@EleanorTerrett) November 12, 2025

In a statement shared with Crypto In America, Canary Funds CEO Steven McClurg told Terrett the Tennessee-based firm “is very excited to  launch the first single-token spot XRP ETF.” 

“This would not have been possible without the leadership of Chairman Atkins, Commissioner Pierce, and all the other fine people at the SEC who are pro-free markets,” McClurg said.

Canary Capital has also filed to launch the first US exchange-traded fund tied to MOG Coin, a memecoin built on the ethereum network. The firm submitted its S-1 registration statement with the SEC on Wednesday, formally seeking approval for the product. 

Regulatory clarity clears pathway for ETF listings

The XRP ETF launch adds to the number of regulatory approvals for altcoin-based products made earlier this year, including spot ETFs for Solana, Litecoin, and Hedera.

Bitwise’s solana ETF recorded $56 million in first-day trading volume, climbing to $72 million on its second day. Meanwhile, REX-Osprey’s XRP futures ETF launched in September saw $24 million in volume within its first 90 minutes of trading, and surpassed $100 million in assets under management by the end of October.

As reported by Cryptopolitan, SEC Chair Paul Atkins most crypto tokens currently in circulation should not automatically be classified as securities, noting that “an investment contract doesn’t persist solely because the underlying asset trades on-chain.”

He explained that the regulator’s framework should distinguish between tokens and securities based on their actual use and context.

“A token is no more a security because it was once part of an investment contract transaction than a golf course because it used to be part of a citrus grove investment scheme,” Atkins told attendees of the Philadelphia Fed Fintech Conference on Wednesday,

“To the investor trying to discern the difference between buying a tokenized share of stock and buying a collectible in a video game, we should offer more than a web of enforcement actions.” 

House votes to end longest government shutdown

The first spot XRP ETF greenlight comes on the heels of the US House of Representatives voting 222-209 to end the country’s longest-ever government shutdown, reaching 42 days. The bill’s passage is expected to restore federal operations, with President Donald TRUMP signing it into law at 9:45 PM ET yesterday.

During the Senate Agriculture Committee’s meeting earlier this week, a bipartisan market structure discussion was drafted by Chairman John Boozman (R-AR) and Senator Cory Booker (D-NJ). Still, portions of the proposal are lacking decentralized finance (DeFi) and anti-money laundering provisions.

“The bill is a good start, but still has a long way to go before industry can support it,” a crypto trade association leader told Crypto In America. Some insiders believe the Agriculture Committee may be waiting for the Senate Banking Committee to add DeFi-related language through the Blockchain Regulatory Certainty Act (BRCA).

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