#What is the latest development from Canary Capital regarding ETFs?
Canary Capital is set to launch a spot XRP exchange-traded fund next week. This follows the recent successful introduction of their Litecoin and Hedera ETFs. According to CEO Steven McClurg, the firm is taking advantage of the current regulatory framework that allows for the quicker approval of ETFs based on specific criteria. This pathway includes the requirement of having a minimum of six months of futures activity for a cryptocurrency, which can be tracked on platforms such as Bitnomial.
#How does the ETF filing process work?
The process for filing an ETF involves choosing between two routes, namely a delay amendment or a no-delay amendment. The delay amendment necessitates that the Securities and Exchange Commission reviews and decides on the fund's effectiveness. Alternatively, a no-delay amendment, which Canary opted for with their latest filings, allows the fund to automatically go effective within a 20-day timeframe if the filing meets the necessary criteria.
Recently, Canary Capital successfully filed their Litecoin and Hedera ETFs using the no-delay amendment, which allowed both to become operational last week. Now, with the filing of the XRP ETF completed 20 days prior to November 13 using the same no-delay process, the company looks forward to making further advancements in their ETF offerings.
Canary Capital continues to navigate the evolving landscape of cryptocurrency investments, providing retail investors with new opportunities to engage with digital assets through regulated channels.