Canary Capital Submits Application for Second XRP ETF in the US
Canary Capital, a crypto investment company, has applied for a second XRP exchange-traded fund (ETF) in the United States. This move is consistent with Bitwise’s recent submission for a spot XRP ETF. Despite the legal and regulatory uncertainty surrounding XRP, Canary Capital’s decision to pursue this ETF demonstrates confidence in the asset’s long-term potential.
Canary Capital’s XRP ETF Ambition Amid Legal Uncertainty
Canary Capital submitted an S-1 filing on Tuesday, a requirement for issuers to publicly offer new securities. The Canary ETF is ambitious, as the legal and regulatory fate of XRP remains uncertain. This indicates a firm conviction in the digital asset’s future role in the finance industry.
Future of XRP in the US Remains Uncertain
The future of XRP in the US is uncertain due to ongoing legal proceedings between Ripple Labs and the SEC. The case is the subject of a heated discussion on whether XRP should be classified as a security token.
Institutional Interest in XRP Grows
The ETF filing also highlights a broader trend of institutional interest in XRP. Many institutional investors are looking for a reliable, regulated way to gain exposure to XRP without the need to purchase, store, and secure it. Canary Capital’s XRP ETF seeks to follow the CME CF Ripple index, providing a consistent price reference for investors.
Clear Avenue for XRP Market
Canary Capital’s move is bold, as it navigates uncharted regulatory territory. If the ETF is approved, it would provide large investors with a clear pathway to enter the XRP market. This may also signal XRP’s entry into a new stage of maturity, based primarily on Ripple’s settlements and the SEC’s attitude towards cryptos.
At the time of writing, XRP was trading at $0.53, up 0.5% on the 24-hour timeframe and flat in the last week, according to CoinMarketCap.
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