First US Spot XRP ETF Set To Launch On November 13 Pending Nasdaq Approval

Canary Funds has positioned what might turn into the primary US spot XRP ETF to launch on November 13, after transferring its fund onto an accelerated authorized observe that limits the SEC’s skill to regulate timing.

The shift comes from a change in Canary’s up to date S-1. As reported by Crypto In America host Eleanor Terrett, Canary “has filed an up to date S-1 for its XRP spot ETF, eradicating the ‘delaying modification’ that stops a registration from going auto-effective and provides the SEC management over timing.” Without that delaying modification, the registration can turn into efficient mechanically after the 20-day statutory waiting period, until the SEC actively intervenes.

Terrett says this places Canary’s ETF on a concrete timeline: “This units Canary’s XRP ETF up for a launch date of November 13, assuming the Nasdaq greenlights the 8-A submitting.” The Form 8-A is what permits the product to truly checklist on Nasdaq and commerce. That trade approval is now the final operational step. If Nasdaq indicators off and the SEC doesn’t transfer to dam or gradual it, the fund can start buying and selling.

This method is just not theoretical. It is identical authorized mechanism that was simply used to push out spot crypto ETFs tied to Solana (SOL), Hedera (HBAR), and Litecoin (LTC) earlier this week, regardless of the US shutdown interval. Terrett notes that each Bitwise and Canary relied on the 20-day ready interval “to go public throughout the shutdown,” in impact leveraging a second when regular back-and-forth assessment is constrained.

Why November 13 Is Still Uncertain For A Spot XRP ETF

That shutdown dynamic continues to be related. Terrett cautions that “the federal government reopening might have an effect on the timing, probably transferring it up if the submitting is full and the SEC is happy, or again if employees suggest extra feedback.” In different phrases, the November 13 date can transfer in both course relying on how shortly the SEC re-engages, and whether or not it decides to press for modifications.

There are additionally alerts from the highest of the company. While not commenting immediately on crypto ETFs, SEC Chair Paul Atkins “stated yesterday he was happy to see corporations like MapLight utilizing the 20-day statutory ready interval to go public throughout the shutdown,” praising the identical authorized pathway Canary is now invoking for XRP. Terrett frames that as significant as a result of it suggests the company is publicly acknowledging the legitimacy of going efficient on the statutory clock fairly than by way of negotiated timing.

That stated, XRP is just not Solana. (*13*)’s senior ETF analyst Eric Balchunas noted that “XRP docs didn’t have the identical feedback back-and-forth with the SEC that Solana had,” including “that was one motive issuers felt they had been prepared. But hey, price a attempt I assume.”

The distinction is essential: Solana’s spot ETF filings went by way of iterative engagement with SEC employees earlier than the US authorities shutdown which gave issuers confidence. With XRP, Canary is successfully stress-testing the method with much less seen negotiated assessment.

That creates a binary end result. If Nasdaq clears the 8-A and the SEC permits the auto-effective clock to expire with out forcing new feedback, the XRP fund might start buying and selling on November 13, establishing the primary US spot ETF. If the SEC steps in, both by pushing extra feedback onto the S-1 or pressuring the itemizing, that may mark a line: the Commission is keen to tolerate auto-effectiveness for sure belongings, however not XRP — not less than not but.

At press time, XRP traded at $2.48.