Canary Capital is reportedly poised to pause any further filings for new cryptocurrency exchange-traded funds (ETFs) for the remainder of the year. The firm’s CEO, Steve McClurg, has indicated that they have already submitted applications for every digital asset that currently meets the existing regulatory criteria established by the Securities and Exchange Commission (SEC).
In an interview with CoinDesk, McClurg pointed out that the recent launch of the XRP ETF, along with a pending fund based on Solana, effectively completes the company’s lineup of current offerings. He emphasized, “After that, we will have filed everything that falls under the generic listing standards.” These guidelines allow specific crypto-backed ETFs to advance without the need for the extensive review processes typically required.
According to these standards, a crypto asset must satisfy certain requirements, such as having a futures market that has been active for over six months. This stipulation limits the number of assets that Canary believes can currently qualify for new ETF filings.
With the existing products now in place, McClurg stated that the firm will concentrate on managing these offerings while awaiting potential regulatory adjustments regarding the SEC’s treatment of crypto ETFs. He mentioned that for any new launches, the firm is simply waiting for assets to meet the necessary qualifications, whether through generic standards or a more comprehensive 19b-4 approval process.
In a significant move for the firm, Canary introduced the first spot XRP ETF on Thursday, which debuted impressively with $58 million in trading volume, making it one of the standout ETF launches of the year, as reported by Bloomberg’s ETF analyst Eric Balchunas. McClurg expressed optimism about the XRP fund, suggesting it could outperform its recently launched Solana counterparts. He attributed this potential success to XRP’s greater recognition among traditional finance players, contrasting it with Solana, which is more entrenched in the cryptocurrency sector.
