Just a week after Bitwise made headlines by submitting the first XRP ETF application in the United States, a second application has now emerged. Canary Capital, a cryptocurrency investment firm, has boldly taken the next step by filing for a second spot XRP ETF in the country.
The company submitted its official application to the SEC, naming the fund the Canary XRP ETF. Canary Capital’s founder, Steven McClurg, expressed optimism, stating:
“With increasing demand from investors for advanced access to cryptocurrencies beyond Bitcoin and Ethereum, we are seeing encouraging signs of a more progressive regulatory environment. There are investors, particularly at the institutional level, seeking access to blockchain solutions and native tokens like XRP.”
In its application, the firm highlighted that the Canary XRP ETF offers investors the opportunity to access the XRP market without the potential barriers or risks of directly acquiring and holding XRP, all through a traditional brokerage account. However, no custodian has been designated for the Canary XRP ETF as of yet.
SEC’s Ripple Case Could Impact XRP ETF Approval
Despite this second ETF application, the SEC recently appealed the ruling in the Ripple case, a move that some experts believe could reduce the likelihood of an XRP ETF approval. Additionally, the lack of clarity around the status of most altcoins could present a challenge for XRP and other top altcoins like Solana (SOL) in securing ETF approval.
For further updates and developments, stay tuned to Turkish NY Radio.
