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- Canary Funds removed the SEC delay clause, enabling automatic ETF approval.
- The XRP ETF could launch on November 13, pending Nasdaq approval.
- Institutional infrastructure is ready, with Gemini and BitGo as custodians.
Canary Funds has taken a bold step toward launching the first XRP spot exchange-traded fund (ETF) by filing an updated S-1 registration that removes the “delaying amendment.” This adjustment allows the filing to become automatically effective under Section 8(a) of the Securities Act of 1933 — potentially paving the way for a November 13 launch, pending Nasdaq approval.
Removing the SEC Delay: A Strategic Shift
The key change means Canary’s XRP ETF could go live without explicit SEC clearance, a rare but legal path that relies on the automatic-effectiveness rule. With parts of the U.S. government currently in a partial shutdown, regulatory approvals have slowed, prompting issuers like Canary to take advantage of the statutory 20-day lapse period.
🚨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives the @SECGov control over timing.
— Eleanor Terrett (@EleanorTerrett) October 30, 2025
This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the… pic.twitter.com/MKvEN23t5P
According to FOX Business reporter Eleanor Terrett, this move signals Canary’s readiness to proceed quickly. The only remaining obstacle would be if the SEC intervenes with new objections before the 20-day period ends.
Institutional Readiness and Market Context
The ETF, which will trade on Nasdaq, aims to track the CoinDesk XRP CCIXber Reference Rate—an index aggregating XRP prices across major exchanges. Custody services will be handled by Gemini Trust Company and BitGo Trust Company, ensuring institutional-grade security for the underlying XRP assets.
This filing follows a series of backend preparations: XRP, Solana, and HBAR ETFs by Canary have already appeared on the DTCC listing system, hinting that the infrastructure for institutional trading is in place. Analysts like Bloomberg’s Eric Balchunas called Canary’s filing a “bold but untested strategy,” contrasting it with Solana’s more cautious engagement with SEC comment rounds.
A Defining Moment for XRP and Crypto ETFs
If approved, the Canary XRP ETF would mark a major step for XRP’s institutional adoption and further expand the growing crypto ETF landscape. Other issuers, including T. Rowe Price, have recently filed multi-asset ETFs featuring Bitcoin, Ethereum, Solana, and XRP — underscoring increasing demand for diversified crypto exposure.
As the November 13 window nears, all eyes are on the SEC. Unless it raises objections, Canary’s XRP ETF could become the next major milestone in bridging traditional finance and digital assets.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: How to Protect Your ETH and XRP Portfolio When Bitcoin Collapses
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
