Canary Likely To Hit Pause on ETF Filings With XRP, Eyes SEC Shift for What’s Next

Canary Capital is likely to pause on new cryptocurrency exchange-traded fund (ETF) filings for the rest of the year, with CEO Steve McClurg saying the firm has already submitted applications for every token currently eligible under existing regulatory guidelines.

Speaking in an interview with CoinDesk, McClurg said that the XRP ETF launched this week and a pending Solana. SOL$143.58 The product completes the current list of the company.

“After that, we’ll file everything that falls under the generic listing standards,” McClurg said, referring to the SEC’s framework that allows some crypto-backed exchange-traded funds to move forward without lengthy review processes.

Under these standards, a crypto asset must meet criteria such as having a futures market that has traded for more than six months. That bar leaves only a short list of assets that Canary believes can currently qualify.

McClurg noted that the firm will now shift its focus toward managing existing products and is awaiting changes in how the Securities and Exchange Commission treats crypto ETFs. For each new launch, “we just wait for them to qualify, either under generics or through a 19b-4 approval,” he said, referring to a separate and more involved process for ETF authorization.

On Thursday, Canary brought the first XRP ETF to market, which debuted with $58 million in trading volume, making it one of the most successful ETF launches this year. according to Eric Balchunas, Bloomberg ETF analyst.

McClurg believes that the XRP fund could outperform its counterparts from Solana, which launched earlier this month, as the XRP network is more familiar to traditional financial players than Solana, which is more embedded in the crypto-native ecosystem, he said.