The long-awaited XRP spot exchange-traded fund (ETF) may finally see daylight, as Canary Funds has taken a major step toward launch by removing the SEC “delaying amendment” clause from its S-1 registration filing, paving the way for automatic effectiveness on November 13, 2025, unless the U.S. Securities and Exchange Commission intervenes.
The updated filing invokes Section 8(a) of the Securities Act of 1933, allowing the ETF’s registration to become effective automatically after a 20-day period. In simple terms, this procedural move reduces the SEC’s control over the timing of the fund’s approval and accelerates its potential debut.
The update has fueled fresh optimism in the XRP community, which has long awaited a regulated financial vehicle providing exposure to XRP without requiring direct ownership of the cryptocurrency.
According to the filing, the Canary XRP ETF is structured to mirror the market value of XRP, adjusted for operational expenses. Pricing will be based on the CoinDesk XRP CCIX New York Rate, which aggregates trading data across leading exchanges to ensure accurate, transparent valuation.
Canary Capital Group LLC will serve as the fund’s sponsor, while CSC Delaware Trust Company will act as trustee and transfer agent.
The ETF will list on Nasdaq, offering institutional and retail investors a compliant, accessible avenue to gain exposure to XRP’s price performance.
To bolster security and transparency, U.S. Bank will manage fiat custody, and Gemini Trust Company, alongside BitGo Trust Company, will handle digital asset custody, a dual-custodian structure modeled on other successful crypto ETFs recently approved by U.S. regulators.
Market observers say Canary’s move signals growing confidence among asset managers to pursue crypto-backed investment products under the SEC’s evolving oversight framework.
While regulatory and operational hurdles remain, the decision to eliminate the delaying clause reflects a bolder, faster path toward ETF approval, and could mark a milestone moment for XRP’s integration into mainstream finance.