Canary Capital moves closer to SEC approval for XRP and SOL ETFs as shutdown approaches

Canary Capital Advances with XRP and SOL ETF Registration

Canary Capital is taking steps to renew two registration statements for its exchange-traded funds (ETFs) focusing on XRP and SOL, bringing them closer to potential approval from the U.S. Securities and Exchange Commission (SEC).

The company filed amendments for its Canary Marinade SOL ETF on Friday, along with its Canary XRP case. Notably, both funds include a fee of 0.50%. In contrast, Canary had previously mentioned a 0.95% sponsorship fee for its HBAR and Litecoin ETFs.

“Canary just filed Amendment 6 for its Spot Solana ETF with a 0.50% expense ratio, which is a good sign, but Solana’s staking rewards haven’t been reduced,” remarked Eric Balciunas, a senior ETF analyst at Bloomberg. Earlier this week, Bitwise announced a lower 0.20% fee for its Solana Staking ETF.

Many companies are currently awaiting SEC approval for various proposed cryptocurrency ETFs, including those that track DOGE and LTC. Over the past year, these applications were submitted during a more favorable regulatory environment, especially after President Trump appointed crypto-friendly Paul Atkins to lead the SEC. Since then, the SEC has made moves to clarify digital asset regulations and approved listing standards for certain ETFs.

The new listing standards outline specific requirements for stocks on exchanges, potentially allowing many crypto ETF applications to launch without undergoing the lengthy 19b-4 process. This could significantly speed up the timeline for these funds to start trading.

Following last week’s U.S. government shutdown, deadlines related to the 19b-4 process for crypto ETFs have passed. It’s uncertain how the SEC will approach these proposals once the government reopens. One source mentioned that the agency signaled it might issue a batch of single-product crypto ETFs from this month into November.