Canary Capital Group has taken another step toward bringing Ripple’s native token into mainstream markets, submitting an amended S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) for its proposed Canary XRP ETF.
The updated filing highlights plans to list the fund on the Cboe BZX Exchange, giving traditional investors direct exposure to XRP price movements without needing to manage digital wallets or use crypto exchanges.
The ETF is structured as a Delaware statutory trust and will hold XRP directly, using the CoinDesk XRP CCIX New York Rate as its pricing benchmark. Custody services will be handled by a designated trust company, a model that mirrors existing spot Bitcoin ETFs but focuses on XRP instead.
A Step Toward Mainstream Access
If approved, the ETF would allow investors to buy and sell shares through regular brokerage accounts, making XRP accessible through traditional trading channels. Supporters argue that this structure could attract investors seeking transparency and simplicity compared to futures-based products, which rely on derivatives.
Canary Capital had previously faced an SEC delay on its initial application, but the amended filing signals persistence and confidence in eventual approval. The firm now joins a growing list of issuers betting that crypto-backed ETFs will see strong demand as regulatory clarity improves.
Regulatory Risks Remain
Despite growing optimism, the filing notes several risks. The trust will not fall under the protections of the Investment Company Act of 1940, meaning holders will not receive the same safeguards as mutual fund investors. Additionally, exchange outages or custody vulnerabilities could expose investors to significant losses.
Still, optimism around XRP’s regulatory position has increased following the dismissal of the SEC’s lawsuit in U.S. appeals court, a ruling that many see as a turning point for Ripple’s ecosystem. Market watchers believe this development improves the odds of the SEC eventually giving the green light to a spot XRP ETF.
Approval would mark a milestone for XRP, placing it alongside Bitcoin as one of the few digital assets accessible through regulated exchange-traded products in the U.S.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/xrp-one-step-closer-to-wall-street-spot-etf-plans-hit-the-sec-again/