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 document 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 announces the registration as 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 through an automatic listing mechanism.
Tuesday's ETF launch broke with the Gensler era tradition that all cryptocurrency ETFs, regardless of their filing date, would begin trading on the same day. Following this, amid the government shutdown and the SEC's limited operations, 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 delay clauses and planning to launch in mid-November after obtaining exchange approval.
If Canary's XRP ETF is launched as scheduled on November 13, the company will once again gain a first-mover advantage in the XRP ETF field. Currently, Bitwise, Franklin Templeton, 21Shares, Grayscale, and other issuers that have also submitted XRP ETF applications 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 ahead of schedule and the filings meet all requirements, the launch may be brought forward; however, if staff return to work before the 13th and provide additional feedback, the launch may be delayed.
Market structure-related legislation is underway.
As the saying goes, teamwork makes dreams come true, and such a scene is now unfolding on Capitol Hill in the United States—pro-crypto Republicans and Democrats are more determined than ever to complete the review process of the Cryptocurrency Market Structure Act before Thanksgiving.
Last week, industry figures and lawmakers held multiple roundtable discussions to mend the rifts caused by the leak of decentralized finance (DeFi) regulatory proposals and get back on track with 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, suggesting these efforts are yielding positive results.
Staff-level negotiations on the Senate Banking Committee are progressing rapidly; meanwhile, on the Senate Agriculture Committee, the text of a bipartisan bill co-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.
