Overview
- Canary Funds updated its S-1 by removing the delaying amendment, triggering the 20‑day statutory window for auto-effectiveness under Section 8(a).
- A potential Nov. 13 launch remains contingent on Nasdaq approving the listing via Form 8‑A and on the SEC refraining from new comments or a stop order.
- Gemini Trust Company and BitGo Trust Company are identified as custodians for the ETF’s underlying XRP holdings.
- The move follows a wave of spot crypto ETFs for Solana, Litecoin, and Hedera that used the same statutory route during constrained SEC operations, with the SEC’s Paul Atkins signaling tolerance for the approach.
- If the filing becomes effective and Nasdaq lists the product, Canary’s fund could be the first U.S. spot XRP ETF to trade.