XRP News Today: Canary Files U.S.-Focused Crypto ETF Amid SEC Delays

Canary Capital Group has submitted a registration statement for the "Canary American-Made Crypto ETF" to the U.S. Securities and Exchange Commission (SEC), marking a key development in the growing institutional push to bring regulated exposure to the cryptocurrency market. The proposed ETF aims to track the Made-in-America Blockchain Index and will focus on a basket of U.S.-created or U.S.-linked cryptocurrencies, including digital assets such as XRP, Solana (SOL), and Cardano (ADA), which are deeply connected to American-based development and operations [1]. The filing was made under Form S-1, initiating the formal regulatory review process [4].

This new product is distinct from many existing and proposed crypto ETFs, which often include international digital assets. By narrowing its focus to U.S.-centric projects, the Canary American-Made Crypto ETF seeks to emphasize domestic innovation and provide a differentiated investment vehicle for those interested in American blockchain development [9]. The fund plans to list on Cboe BZX, and if approved, would be the first ETF to focus exclusively on U.S.-based cryptocurrencies [8].

The filing comes amid a broader delay in SEC decision-making on several spot crypto ETF applications, including those from Canary and Grayscale. The agency has yet to approve a U.S.-listed spot crypto ETF, and no public statements have been made by company executives or industry figures regarding this specific filing [5]. The regulatory uncertainty continues to influence market dynamics, with investors and institutions alike closely watching how the SEC will respond to the growing demand for crypto-backed investment vehicles [7].

The proposed ETF could potentially reduce the barriers to entry for traditional investors by allowing them to gain exposure to cryptocurrencies through conventional brokerage accounts. This aligns with the broader trend seen in the launch of Bitcoin and Ethereum ETFs, which have contributed to increased liquidity and market inflows [6]. If the SEC follows a similar pattern in approving this product, it could pave the way for broader adoption of crypto ETFs and further institutional participation in the digital asset space [11].

The filing has also triggered the SEC’s public input process, signaling the agency’s approach to maintaining transparency in its evaluation. While no timeline for approval has been disclosed, the filing underscores the continued momentum in the development of crypto-backed investment vehicles in the United States [10].

Sources:

[1] Canary Files for 'American-Made' Crypto ETF—Will XRP ... (https://finance.yahoo.com/news/canary-files-american-made-crypto-215444326.html)

[4] Canary Capital Files for 'American-Made' Crypto ETF ... (https://thedefiant.io/news/cefi/canary-capital-files-american-made-crypto-etf-focused-on-u-s-coins-4f42eae1)

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

[6] Canary Capital Files “American-Made” Crypto ETF Amid ... (https://cointelegraph.com/news/canary-capital-files-american-made-crypto-etf)

[7] Canary Submits ETF Filing to SEC with Focus on U.S.- ... (https://coincentral.com/canary-submits-etf-filing-to-sec-with-focus-on-u-s-linked-crypto/)

[8] XRP News Today: Canary Files U.S.-Focused Crypto ETF ... (https://www.ainvest.com/news/xrp-news-today-canary-files-focused-crypto-etf-backed-xrp-sol-ada-2508/)

[9] American‑made crypto ETF knocks on the SEC's door (https://finance.yahoo.com/news/american-made-crypto-etf-knocks-175534576.html)

[10] Injective ETF Proposal from Canary Triggers SEC Public ... (https://coincentral.com/injective-etf-proposal-from-canary-triggers-sec-public-input-phase/)