XRP ETF launch planCanary Capital, which had filed an updated S-1 with the SEC on October 30, removed the delay amendment and set a target date of November 13, allowing the SEC to control the timing. This filing allows the SEC to control timing, while allowing XRP’s ETF launch under auto-effective registration methods.
XRP launches ETF, SEC files cleared as Nasdaq approval looms
Canary Capital’s XRP ETF was launched following a revised filing process that eliminated procedural delay. Canary Capital, by eliminating the delaying modification, has positioned the XRP ETF to become auto-effective in accordance with Section 8(a). This gives the SEC control of launch timing.
ETF Analyst Eleanor Terrett X.
“The SEC Chair himself seems to be on board with companies taking advantage of the auto-effective method. While not commenting directly on the ETF launches, @SECPaulSAtkins said yesterday he was pleased to see companies like MapLight using the 20-day statutory go-go period during the shutdown, praising the same legal mechanism Bitwise and Canary used to launch their $SOL, $HBAR and $LTC ETFs this week.”
SEC Filings and Market Structure
Canary Capital XRP ETF uses the CoinDesk XRP 60m New York rate as its price benchmark. Gemini Trust Company, BitGo Trust Company, and CSC Delaware Trust Company act as trustees.
Canary’s spokesperson spoke earlier on the company’s approach to crypto ETFs:
“We’re seeing encouraging signs of a more progressive regulatory environment coupled with growing demand from investors for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum – specifically investors seeking access to enterprise-grade blockchain solutions and their native tokens such as XRP.”
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Launch Expectations and Timeline
Canary Capital CEO Steven McClurg XRP ETF launched with bullish expectations:
“I may have been a little bearish. We’re going to hold to that number. If it hits that number, at least I’ll be right, and if it’s $10 billion, then I’m still right because we got at least $5 billion. If we saw that kind of inflow, I think it would definitely be in the top 20 ETFs of all time, if not in the top 10.”
This date is based on Nasdaq completing its Form 8-A Review. However, government action and SEC feedback could alter this timeline.
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Source: watcher.guru
