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Canary Capital has officially filed for a groundbreaking spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission, aiming to simplify crypto investments. This move, marking the second XRP ETF application this month, could transform how investors access the cryptocurrency market. The proposed ETF would allow investment in XRP through traditional brokerage accounts, eliminating many of the barriers and risks typically associated with direct crypto transactions.
According to Canary Capital, the ETF is designed to cater to growing investor demand for more diverse cryptocurrency options beyond the usual Bitcoin and Ethereum. “We’re observing a more progressive regulatory environment, which aligns perfectly with investor interest in sophisticated blockchain solutions like XRP,” stated Canary Capital founder Steven McClurg. His experience includes founding Valkyrie Funds, known for its crypto ETF offerings.
This filing comes shortly after Bitwise sought approval for a similar ETF, underscoring a trend towards broadening the crypto ETF landscape. Despite potential regulatory challenges from the SEC, particularly concerning XRP’s legal status, the approval of such ETFs could herald a significant shift in crypto investment strategies.
