Canary XRP ETF Filing Ditches SEC Delay – November Launch in the Works! 🚀

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Canary updates XRP ETF filing, removes SEC delay clause, and targets automatic approval with possible launch on November 13.

Canary Funds has decided that waiting around for the U.S. SEC’s whims is no longer an option, so it’s updated its XRP ETF registration to remove that pesky little clause that allowed the SEC to delay the whole thing. 🌪️

Now, with this bold new move, Canary is setting up a possible automatic approval under Section 8(a) of the Securities Act of 1933. Yes, you read that correctly-automatic approval, assuming no one throws a fit. The planned launch date? Drum roll please… November 13, 2025. 📅

Canary Aims for Auto-Approval With New Filing

The removal of the SEC delay clause means that if no one objects (or bothers to read the fine print), the XRP ETF could spring to life without having to wait for the usual slow-motion approval dance. 💃

This shift takes the SEC’s bureaucratic timelines out of the equation and hands Canary the reins-basically saying, “We’re in charge now.” Well, sort of. But it does make for a smoother ride. 🏎️💨

FOX Business’ Eleanor Terrett reports that the filing is positioned for a November 13 launch, provided Nasdaq says, “Yes, we approve.” If the SEC doesn’t interfere within 20 days, the ETF is effectively in business, thanks to good old securities law. 🎉

SCOOP: Canary has filed an updated S-1 for its spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives them control over timing.

This sets Canary’s ETF up for a launch date of November 13, assuming the…

– Eleanor Terrett (@EleanorTerrett)

This whole thing is happening at a rather convenient moment when many issuers are looking for ways to bypass the SEC’s notorious review periods. Thanks to a partial government shutdown, delays at the SEC have been… shall we say… “extended.” Canary’s approach gives the SEC the cold shoulder and speeds things up without cutting corners. 🏃💨

ETF to Track CoinDesk Rate and Use Trusted Custodian(s)s

The updated prospectus reveals that this shiny new ETF will track the CoinDesk XRP CCIXber Reference Rate. No, it’s not a typo; it’s a fancy way of saying, “We’re going to track the aggregated trading activity of XRP across exchanges.” Translation: accuracy and consistency are the name of the game. 📈

And, as if that wasn’t enough to tick the boxes, Gemini Trust Company and BitGo Trust Company will be on board as custodians. These are the heavyweights in digital asset storage, so your XRP will be in safe hands, unless they decide to take it for a joyride. 🚗💨

Oh, and in case you’re wondering, the ETF has already made it to the Depository Trust & Clearing Corporation (DTCC), which means it’s ready to roll in the back-end infrastructure department. Traditional finance, here we come! 💰

Analysts Watch ETF Filing Strategy With Interest

Market analysts are having a field day with Canary’s strategy, which Bloomberg’s Eric Balchunas described as “worth a try.” No back-and-forth with the SEC, just a direct approach. It’s like the financial equivalent of skipping the small talk at a party and going straight to the punchline. 🍸

Interesting… Although the XRP docs didn’t have the same comments back-and-forth with the SEC that Solana had. That was one reason issuers felt they were ready. But hey, worth a try, I guess.

– Eric Balchunas (@EricBalchunas)

This new filing strategy isn’t entirely unique, though. Solana, Hedera, and Litecoin have been using similar methods to dodge SEC delays, and Canary is just jumping on the bandwagon. The race is on to get their ETFs out before the SEC can say, “Hold on a second!”

Meanwhile, institutional interest in XRP is soaring, with T. Rowe Price recently filing for a broader crypto ETF that includes XRP among other assets. If Canary’s ETF launches successfully, it’ll be a major win for XRP-based investment products. 🏆

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2025-10-31 12:56