Canary Funds has officially filed an updated S-1 for its spot XRP ETF, removing the delaying amendment that previously prevented the registration from automatically becoming effective. The move transfers control of the timing from the U.S. Securities and Exchange Commission (SEC) to the issuer, putting the launch date on track for November 13, 2025, pending Nasdaq approval for the 8-A filing.
The filing update means Canary is ready to bring exposure to XRP to traditional markets, following the recent launch of the first spot ETFs Solana, Hedera and Litecoin earlier this week. The XRP ETF, if approved, would be the first of its kind to give investors direct access to XRP price action through a regulated exchange-traded product.
How the Automatic Efficiency Rule Helps
As Eleanor Terrett reported, by removing the delaying amendment, Canary’s filing now falls under Section 8(a) of the Securities Act of 1933. This section allows the registration to automatically become effective after a 20-day statutory waiting period, unless the SEC objects.
SEC Chairman Paul S. Atkins recently said he was pleased to see companies taking advantage of this long-standing legal avenue, noting that it helps maintain market efficiency during times of limited government functions. His comments, while not directly regarding the XRP ETF, were seen as an indirect endorsement of the method used by Canary and other issuers.
Industry reactions
Bloomberg ETF analyst Eric Balchunas called the update “interesting,” explaining that the XRP ETF filings did not have the same level of engagement with the SEC as Solana’s filing. He added that while it might make approval less certain, it was still “worth a try.”
Crypto attorney Bill Morgan also shared his excitement, saying it was good to see a specific target date for the launch of an XRP ETF. “Good to hear that a spot XRP ETF could go live on a specific date: November 13th,” he wrote.
What could affect the timeline
The timeline could still change depending on how quickly the government reopens and whether the SEC staff issues additional comments before the effective date. If Nasdaq clears the 8-A filing without delay, Canary’s XRP ETF could become active by mid-November, marking a significant milestone for Ripple and the digital assets industry as a whole.
With the success of the recent Solana, Hedera, and Litecoin ETFs, the XRP community is closely watching whether this long-awaited listing will finally put one of the most established crypto tokens in the Wall Street spotlight.
Trust CoinPedia:
CoinPedia has been providing accurate and timely updates on cryptocurrencies and blockchain since 2017. All content is created by our expert panel of analysts and journalists, following strict editorial guidelines based on EEAT (Experience, Expertise, Authority, Trustworthiness). Each article is checked against reputable sources to ensure accuracy, transparency and reliability. Our review policy ensures unbiased reviews when recommending exchanges, platforms or tools. We strive to provide timely updates on everything crypto and blockchain related, from startups to industry majors.
Investment Disclaimer:
All opinions and ideas shared represent the author’s own views on current market conditions. Please do your own research before making any investment decisions. Neither the writer nor the publication takes responsibility for your financial choices.
Sponsored and advertisements:
Sponsored content and affiliate links may appear on our site. Advertisements are clearly marked and our editorial content remains entirely independent from our advertising partners.
