Canary Capital, a digital asset investment firm, has made waves by filing for a spot XRP ETF with the U.S. Securities and Exchange Commission (SEC), following closely on the heels of Bitwise’s similar move.
This filing comes amid the ongoing legal tussle between Ripple Labs and the SEC over XRP’s classification, highlighting a growing interest in cryptocurrencies beyond the traditional giants like Bitcoin and Ethereum.
Founder Steven McClurg emphasized that the firm is motivated by a more favorable regulatory environment and a surge in investor curiosity about advanced blockchain solutions like XRP.
This comes after a federal judge ruled in July 2023 that while Ripple’s institutional sales of XRP were deemed unregistered securities, secondary sales were not classified as such. Ripple faced a $125 million penalty, significantly lower than the anticipated $2 billion, which led to a temporary dip in XRP’s price.
In response to the ongoing legal challenges, XRP supporters have launched a petition to halt the SEC’s appeal in the Ripple case, gathering over 8,300 signatures towards a goal of 10,000.
Currently, XRP’s price is experiencing a slight uptick of 0.65%, with trading values fluctuating between $0.5216 and $0.5341, although the overall sentiment remains bearish.
Recently, asset management Bitwise filed for an XRP ETF, sparking discussions among industry experts about how the upcoming US election might impact its approval.
