Another Firm Seeks SEC Approval for Spot XRP ETF
09.10.2024 13:30 1 min. read Alexander Stefanov
Canary Capital has submitted a proposal to the SEC for a spot XRP ETF, aiming to offer investors exposure to the cryptocurrency without directly buying it.
This move highlights the growing interest in alternative digital assets beyond Bitcoin and Ethereum, although the outlook for a similar Solana ETF has dimmed significantly.
The proposed ETF would track XRP’s value using a benchmark index that pulls data from various regulated exchanges.
If approved, it would allow both institutional and retail investors to access XRP through traditional financial markets while simplifying issues related to custody and regulation.
This push for an XRP ETF comes as demand for diverse crypto investment options rises. Bitwise has also filed for an XRP ETF, and Grayscale recently introduced an XRP Trust, reflecting increasing interest from the Ripple community.
Despite this momentum, challenges persist. The SEC is appealing a recent ruling regarding XRP’s non-security status, and experts believe that an XRP futures ETF might need to be approved before a spot ETF can move forward.
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