Canada Outpaces US with Historic First Spot XRP ETF Launch as Ripple-SEC Case Stalls

North America''s crypto race heats up as Canada steals the regulatory spotlight.

While US regulators remain tangled in the endless Ripple-SEC lawsuit, the Great White North just scored a major institutional adoption win. The Toronto Stock Exchange quietly greenlit the world''s first spot XRP ETF this week—leaving Wall Street''s paper-handed bureaucrats in the dust.

Why this matters

This isn''t just another crypto fund. A spot ETF means direct exposure to XRP''s price movements without the mess of custody solutions or questionable derivatives. Canadian investors now get cleaner access than their US counterparts—ironic given America''s usual financial dominance.

The SEC effect

Legal experts suggest the ongoing Ripple case actually accelerated Canada''s move. ''When regulators drag their feet, markets find alternatives,'' noted one analyst. Translation: bureaucratic paralysis creates arbitrage opportunities for nimbler jurisdictions.

Bonus jab

Meanwhile in Washington, SEC commissioners are probably still arguing about whether XRP is a security, a commodity, or an elaborate plot to make their paperwork obsolete. Canada''s response? A simple ''meh'' and a functioning financial product.

Canada gets spot XRP ETF

While legal proceedings continue in the US, Canada is making history with the continent’s first approved spot XRP exchange-traded fund (ETF).

According to a press statement, Purpose Investments, a Toronto-based asset manager, will list the Purpose XRP ETF on June 18 under the XRPP ticker. Purpose was also the first issuer of a spot Bitcoin ETF in Canada.

The XRP-focused product will trade on the Toronto Stock Exchange and provide investors with regulated access to the digital asset.

According to the statement:

“The ETF will be available in CAD-hedged (ticker XRPP), CAD non-hedged (ticker XRPP.B), and US dollar (ticker XRPP.U) units, and will be eligible for holding in registered accounts such as TFSAs and RRSPs.”

This milestone comes as several US-based firms like Grayscale await the SEC’s decisions on their XRP ETF proposals.

Market observers believe that the chances of the SEC approving a spot XRP ETF are high this year. This is evidenced by crypto bettors on the decentralized marketplace Polymarket, who believe there is an 88% chance of approval.

These developments did not immediately impact the XRP price, up by a modest 1.4% to $2.22 as of press time, according to CryptoSlate’s data.