🚀 First U.S. Spot XRP ETF? Canary Capital Files with SEC
posted 9 Oct 2024
Crypto investment firm Canary Capital has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP ETF. This makes them the second issuer in just a week, following Bitwise, in their attempt to offer traditional investors exposure to Ripple (XRP).
Canary Capital's Filing. Source: Official SEC Website
According to the application, Canary Capital intends to use the CF Ripple Index from the Chicago Mercantile Exchange (CME) to track XRP’s real-time price. The company aims to avoid using other instruments, citing concerns about the risks they pose to such a product and its investors.
However, the company has not yet revealed the ETF's ticker or the official custodian of the assets—key details that are typically disclosed. For example, in Bitcoin ETFs, Coinbase serves as the custodian for BTC. If approved, Canary Capital's product would become the first U.S. XRP ETF.
XRP Price Chart. Source: WhiteBIT Official Website
Despite the importance of the announcement, XRP saw minimal market reaction, with the token's price rising by just 0.2% over the past 24 hours. This muted response may be due to lingering concerns over Ripple's ongoing legal battle with the SEC, where the regulator is seeking over $1 billion in fines.
Previously, we reported that Crypto.com filed a lawsuit against the SEC after receiving a Wells Notice, signaling the start of an investigation. In an official statement, Crypto.com expressed its support for the crypto industry's efforts to push back against the regulator’s actions.
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