Canary Capital Group has officially filed for a spot XRP exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), marking a significant step in the evolving landscape of cryptocurrency investment. This submission comes just a week after Bitwise, another asset management firm, also filed for a similar XRP ETF.

First XRP ETF for Canary Capital

The SEC appeal is a pure blunder and will separate the 1% from the entire population with a poor mindset.

Nothing has changed for Ripple & $XRP.

The price is not dependent on this lawsuit, as we analysed before.

Thank you Atty. Jeremy for the insights. pic.twitter.com/LkQRJUkBii

— Dark Defender (@DefendDark) October 3, 2024

This ETF would be Canary Capital’s debut offering, granting investors exposure to XRP, Ripple’s native token, through a traditional brokerage account without the usual hurdles associated with cryptocurrency trading. The fund aims to track XRP’s value using the Chicago Mercantile Exchange (CME) CF Ripple index. According to the filing, the ETF will enable investors to benefit from XRP while avoiding operational costs and liabilities associated with directly holding the token.

Rising Interest in XRP ETFs

The growing demand for cryptocurrency ETFs follows the SEC’s approval of spot Bitcoin and Ethereum ETFs earlier this year, which attracted billions in investment. Steven McClurg, Canary Capital’s founder, highlighted the importance of this regulatory shift, describing it as a “more progressive regulatory environment.” Canary’s move comes as other major players like Grayscale and Bitwise also express interest in launching XRP-based investment products.

Impact of Ripple vs. SEC Lawsuit on XRP

The legal battle between Ripple Labs and the SEC has significantly influenced the market for XRP. In July 2023, a ruling determined that XRP itself is not a security, a decision that has driven up the token’s price and bolstered investor confidence. While Ripple Labs was ordered to pay $125 million in civil penalties, industry analysts remain optimistic about XRP’s future.