XRP News Today: Canada Approves First Spot XRP ETFs, U.S. Delays Continue

Canadian regulators have taken a significant step forward in the cryptocurrency market by approving the first spot XRP exchange-traded funds (ETFs). This development comes as the United States continues to delay its decision on similar applications. On June 18, Purpose Investments and 3iQ Corp. launched two spot XRP ETFs on the Toronto Stock Exchange, marking a milestone for North America.

The launch of these ETFs in Canada provides investors with a regulated avenue to gain exposure to XRP, a cryptocurrency that has been the subject of regulatory scrutiny in the U.S. The SEC has been reviewing numerous applications for spot XRP ETFs, but has yet to make a decision. The delay in the U.S. has created a sense of anticipation among investors, who are eager to see if the SEC will follow Canada's lead and approve similar products.

3iQ Corp, a crypto investment firm, announced the launch of its spot XRP ETF under the ticker XRPQ. The crypto investment fund is now trading live on the Toronto Stock Exchange. The ETF is set to give investors a safe and regulated way to invest in XRP. To encourage early interest, 3iQ is offering no management fees for the first six months. In a press release, the company said XRPQ will hold long-term investments in XRP sourced from trusted digital asset trading platforms and OTC counterparties. The XRP will be stored in standalone cold wallets, ensuring high security. Pascal St-Jean, President and CEO of 3iQ, said the launch marks an essential step in offering investors secure and cost-effective access to digital assets. He pointed out XRP’s strong performance over the past ten years and described the fund as a transparent, low-cost, and tax-efficient investment option for Canadian and international investors.

Another major Canadian financial firm, Purpose Investments, entered the market with its spot XRP ETF, trading under the ticker XRPP. This move expands the company’s growing portfolio of crypto-based ETFs. In a recent statement, Paul Pincente, VP of Digital Assets at Purpose Investments, said the XRPP ETF makes it easy to invest in XRP. The digital asset is widely known for its fast and low-cost global payments. Pincente said the investment fund offers a safe way to invest in this valuable digital asset. Vlad Tasevski, Chief Innovation Officer, added that many Canadian investors seek simple, secure ways to invest in crypto. He added that XRP has been one of the most popular choices among them.

In contrast to Canada’s swift action, the U.S. SEC continues to delay rulings on several spot XRP ETF applications. Most recently, the regulatory agency postponed its decision on Franklin Templeton’s application. However, the agency did open a window for public comments on a proposal submitted by the Chicago Board Options Exchange. The delays highlight the unclear state of crypto rules in the U.S. Investors and fund managers are still waiting for more guidance and approval dates.

This development in Canada could potentially influence the U.S. Securities and Exchange Commission (SEC) to expedite its review of pending applications for spot XRP ETFs. The approval of these ETFs in Canada is a significant development for the cryptocurrency market. It demonstrates that regulators in other countries are willing to embrace innovative financial products, even as the U.S. remains cautious. The launch of these ETFs could also have implications for other cryptocurrencies, as regulators and investors alike look to Canada as a potential model for future approvals.