Canary Capital Accelerates XRP ETF Approval with Strategic SEC Filing Update

Wall Street's latest crypto play just got real—Canary Capital isn't just dipping toes; it's diving headfirst into regulatory waters.

The Filing That Changes Everything

Forget whispers in dark corners—this is a full-throated demand for legitimacy. Canary's updated SEC submission cuts through bureaucratic red tape, positioning XRP not as some speculative gamble but as a mainstream asset class worthy of ETF status. They're not asking permission; they're building a case that regulators can't ignore.

Why This Isn't Just Another Crypto Dream

Timing matters. With institutional adoption accelerating, Canary's move bypasses theoretical debates and forces the SEC's hand. No more hypotheticals—just cold, hard paperwork designed to make XRP accessible to every retirement account and hedge fund manager who still thinks 'blockchain' is a buzzword.

The Bottom Line: Approval Isn't a Matter of If, But When

Let's be real—Wall Street loves ETFs more than it loves quarterly bonuses. Canary's push isn't altruistic; it's a calculated bet that even regulators can't resist the fee revenue and political cover of 'regulated' crypto exposure. Because nothing soothes skeptical lawmakers like seeing digital assets neatly packaged with traditional finance's stamp of approval—and a hefty management fee attached.

Canary Capital advances despite SEC delays

Towering over previous SEC delays, Canary Capital has moved ahead with its plans, becoming one of an increasing list of past issuers who are speculating investor interest in a crypto-backed exchange-traded product. 

The filing also lists some of the main risks, including the fact that the trust is not subject to registration under the Investment Company Act of 1940, so investors won’t get the same shield as mutual fund shareholders. Additionally, exchange shutdowns or custody breaches could expose investors to significant losses.

That said, sentiment around XRP has improved after a U.S. appeals court threw out parts of the SEC’s lawsuit against Ripple, which has emboldened confidence in the token’s regulatory outlook. 

SEC’s final decision to shape XRP’s path into regulated ETFs

On related developments, asset managers Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree also filed amendments for their proposed spot exchange-traded funds, signaling that they are eager to get the SEC’s approval to list.

Several analysts see this step as a sign that asset managers are responding to feedback from the regulatory agency. The SEC has yet to approve a spot XRP ETF, though both spot and futures-based funds have been proposed.

“[The filings were] almost certainly due to feedback from the SEC,” Bloomberg ETF analyst James Seyffart wrote on X. “Good sign, but also mostly expected.”

The amendments filings seem to alter the structure of some of the funds to allow for XRP or cash creations and cash or in-kind redemptions, instead of simply cash creations and redemptions.

While BlackRock operates the world’s largest spot Bitcoin and ethereum ETFs, the asset manager has not sought approval for an XRP product. Earlier this month, BlackRock said it has no current plans to launch an XRP fund.

The final response by the SEC will decide if XRP stands to be one of the digital assets that can be offered through regulated ETFs. During Friday’s market-wide rally, XRP climbed 7%, trading at $3.08.

XRP, which has often reacted sharply to developments in its ongoing case with the SEC, rallied strongly once the news broke. Its upswing also aligned with the broader market rebound after U.S. Federal Reserve Chair Jerome Powell signaled potential interest rate cuts.

Even so, XRP has gained over 10% from its multi-week low of just under $2.80 earlier today and is now trading NEAR $3.o5.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.