Will XRP become the next cryptocurrency ETF to sweep Wall Street?

Author: Eleanor Terrett Translator: Shan Ouba, Jinse Finance

Following the submission of a revised S-1 filing last Friday, Canary Capital's XRP spot ETF is poised to become the next cryptocurrency fund to list on Wall Street.

On October 24, the filing was quietly amended, removing the delay clause that granted the U.S. Securities and Exchange Commission (SEC) the power to determine the effective date of registration. If Nasdaq approves the crucial Form 8-A to allow its listing, this would clear the way for the ETF's potential November 13 launch.

This operation follows the legal mechanism used by Bitwise and Canary this week when they launched the Solana, Hedera, and Litecoin ETFs—relying on the 20-day statutory waiting period stipulated in Section 8(a) of the Securities Act of 1933: unless the SEC declares the registration effective in advance, the registration statement will automatically become effective 20 days after submission. SEC Chairman Paul Atkins has expressed support for this approach, praising a company called MapLight, which went public during the government shutdown using the automatic effective mechanism. Tuesday's ETF launch broke with the tradition of all cryptocurrency ETFs starting trading on the same day, regardless of the submission date, during the Gensler era. Subsequently, with the government shutdown and the SEC operating at a limited pace, other issuers rushed to update their S-1 filings to bring their products to market. Fidelity, VanEck, and Canary all updated their Solana ETF registration documents this week, removing the delay amendment clauses and planning to launch in mid-November after obtaining exchange approval. If Canary's XRP ETF launches as scheduled on November 13th, the company will once again gain a first-mover advantage in the XRP ETF market—currently, other issuers that have also submitted XRP ETF applications, such as Bitwise, Franklin Templeton, 21Shares, and Grayscale, have not yet updated their documents. It is worth noting that the resumption of government operations may affect Canary's target launch date. ETF experts say that if the SEC resumes operations early and the documents meet all requirements, the launch date may be earlier; however, if staff return to work before the 13th and provide additional feedback, the launch may be delayed.

Market Structure Bill Progressing

As the saying goes, teamwork makes dreams come true, and this is exactly what's happening on Capitol Hill in the US—pro-crypto Republicans and Democrats are more determined than ever to complete the review process for the cryptocurrency market structure bill before Thanksgiving.

Last week, industry figures and lawmakers held multiple roundtables to mend the differences caused by the leak of decentralized finance (DeFi) regulatory proposals and get back on track with the legislation. Furthermore, Senate Minority Leader Chuck Schumer (Democrat, New York) and David Sacks, Trump's appointee as head of cryptocurrency and artificial intelligence, both expressed their encouragement, and these efforts appear to be yielding results.

Staff-level negotiations on the Senate Banking Committee are accelerating; meanwhile, on the Senate Agriculture Committee, the text of a bipartisan bill jointly drafted by Senators John Boozman (Republican, Arkansas) and Cory Booker (Democrat, New Jersey) is reportedly nearing completion and could be released as early as today, although final negotiations may delay the release until next week. Multiple sources within Capitol Hill and industry insiders told Crypto In America that both parties are currently highly focused on getting the bipartisan bill through both house committees before Thanksgiving and then to the full Senate for a vote.