XRP News Today: Canary Files for U.S.-Centric Crypto ETF Focused on XRP, SOL, ADA

Canary Capital Group, a U.S.-based digital asset investment firm, has submitted a filing to the U.S. Securities and Exchange Commission (SEC) for the launch of the Canary American-Made Crypto ETF (MRCA) [1]. If approved, the fund will trade on Cboe BZX Exchange and aim to track a basket of U.S.-centric cryptocurrencies, including those developed, mined, or primarily operated within the United States [2]. The fund's structure is designed to provide direct exposure to these assets without leverage or derivatives, with custody managed by a South Dakota-chartered trust company and most assets stored in cold storage [2].

The Made-in-America Blockchain Index, which underpins the ETF, is subject to strict criteria set by an oversight committee. Tokens must be eligible for custody by a regulated U.S. trust or bank, maintain minimum liquidity, and be listed on multiple trading venues [1]. Excluded from the index are stablecoins, memecoins, and pegged tokens. The index will be rebalanced quarterly to ensure ongoing compliance with the U.S.-centric criteria [2]. Based on CoinMarketCap's "Top Made in America Tokens by Market Cap" index, potential candidates for inclusion include XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Stellar (XLM) [1].

In addition to this filing, Canary has applied for other ETFs tracking assets like XRP, Solana, and others, all of which remain under SEC review. The firm's recent application for a Trump Coin ETF, tied to a memecoin launched ahead of the ’s potential return to office, has also been delayed [2]. The SEC's decision on the Canary PENGU ETF was postponed until October 12, 2025, while the WisdomTree XRP Fund’s approval has also been extended to October 24, 2025 [1].

Canary’s move reflects a broader shift in U.S. crypto policy, including former SEC Commissioner Paul Atkins’ "Project Crypto," which aims to modernize regulatory guidelines for digital assets [2]. In August, the SEC issued a staff statement clarifying that certain liquid staking arrangements do not fall under securities laws, potentially opening the door for staking-based ETFs like Canary’s [1]. Despite these developments, the SEC has continued to delay approvals, with multiple ETF proposals—including those from NYSE Arca and 21Shares—postponed into October [2].

Eric Balchunas of Bloomberg noted that the American-Made ETF introduces a novel approach by focusing solely on U.S.-based crypto assets. He pointed out that XRP, SOL, and ADA are among the most likely candidates for inclusion due to their market capitalization and U.S. affiliations [2]. Balchunas also raised the question of whether Bitcoin could qualify, citing its lack of origin in the U.S. despite much of its supply being mined domestically [1]. The firm's recent XRP ETF filing has yet to receive a final decision, highlighting the ongoing regulatory uncertainty in the space [2].

Canary Capital’s continued efforts in the crypto ETF space reflect a broader trend among asset managers seeking to meet growing demand for institutional-grade digital asset investment vehicles. While the regulatory environment remains a key variable, the filing underscores the evolving nature of crypto investing and the increasing sophistication of fund structures [1].

Sources:

[1] "Canary Files 'American-Made Crypto ETF,' Could Hold XRP, SOL, and ADA", CoinGape (https://coingape.com/canary-files-american-made-crypto-etf-could-hold-xrp-sol-and-ada/)

[2] "Canary Files for “American-Made” Crypto ETF in Landmark SEC Submission", Coinfomania (https://coinfomania.com/canary-files-for-american-made-crypto-etf-in-landmark-sec-submission/)

[3] "Canary Capital Files for American-Made Crypto ETF", CoinCentral (https://coincentral.com/injective-etf-proposal-from-canary-triggers-sec-public-input-phase/)

[4] "SEC Delays Decision on Canary and Grayscale Spot ETFs", Binance (https://www.binance.com/en/square/post/28806253841577)