The cryptocurrency world is on the edge of its seat, eagerly anticipating the potential debut of the first pure spot XRP Exchange Traded Fund (ETF). A recent filing by Canary Capital has ignited optimism, setting a clear timeline for what could be a landmark event for XRP investors.
Canary Funds' Critical Filing
Canary Capital has taken a significant step forward by submitting an updated S-1 registration document to the U.S. Securities and Exchange Commission (SEC) for its proposed XRP ETF. The most impactful detail within this updated filing is the removal of a "delaying amendment." This procedural change means the registration document will automatically become effective after a 20-day period. This critical countdown is set to conclude on November 13, signaling this date as the potential moment the pure spot XRP ETF could automatically go live, concluding a period of intense anticipation.
Navigating Regulatory Hurdles and Outlook
While the removal of the delaying amendment marks a substantial advance, the final launch still involves navigating additional regulatory checkpoints. The XRP ETF has already secured a listing by the Depository Trust & Clearing Corporation (DTCC), a necessary step for its market accessibility. However, for the ETF's shares to become fully tradable to the public, approval from Nasdaq for the Form 8-A filing is still required. It's also important for stakeholders to acknowledge that the SEC retains the authority to issue further comments, which could potentially lead to adjustments in the anticipated November 13 launch date, reflecting the ongoing complexities of regulatory oversight in the crypto space.
