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

by

The great machinations of Canary Funds have led us to this pivotal moment, where the potential dawn of the first US spot XRP ETF stands tantalizingly close, scheduled for November 13-barring any last-minute shenanigans by the SEC, of course. Yes, they’ve cleverly navigated the labyrinthine bureaucratic maze to place their fund on an expedited legal trajectory that seems to constrain the SEC’s ability to meddle with timing.

This cunning maneuver emerged from an updated S-1 filing. As Crypto In America’s ever-astute host Eleanor Terrett reported, Canary has erased the infamous “delaying amendment” from their filings-an amendment that previously handed the SEC the power to determine when the registration would take effect. Now, without this amendment, the registration could automatically become effective after the statutory 20-day waiting period, unless the SEC decides to throw a wrench in the gears. No pressure, SEC. 😉

Terrett, ever the oracle of crypto news, assures us that this sets Canary’s XRP ETF on a “concrete timeline.” November 13 is the proposed launch date, but of course, the final decision lies in Nasdaq’s hands. If the exchange approves the 8-A filing, the ETF can officially list and begin trading. And we all know that the SEC has only one job: to either approve or slow down progress, right? 😏

This isn’t just some theoretical exercise in financial gymnastics. No, Canary has taken a page from the playbook of Solana (SOL), Hedera (HBAR), and Litecoin (LTC), who recently pushed their spot crypto ETFs through the legal machinery with minimal fuss, even amidst the US government shutdown. What a time to be alive! Terrett points out that both Bitwise and Canary took advantage of the 20-day waiting period during the shutdown, when the SEC was temporarily hibernating, allowing the filings to go public without the usual bureaucratic back-and-forth.

Why November 13 Is Still Uncertain For A Spot XRP ETF

Ah, but not so fast. We live in a world where timing is everything-and not even Canary can escape the unpredictable whims of the SEC. Terrett, ever the realist, warns that the reopening of the government could change the timing. If the SEC decides to expedite its review, the launch could happen sooner. But should the SEC’s staff decide to pile on more comments, the November 13 date could be pushed back. Oh, the suspense is palpable.

There’s a glimmer of hope, however, as SEC Chairman Paul Atkins, while not directly commenting on crypto ETFs, has publicly expressed admiration for companies like MapLight, which used the 20-day statutory waiting period to push forward during the shutdown. This, Terrett argues, signals a potential shift in the SEC’s stance-acknowledging that auto-effectiveness is a legitimate route, not some bureaucratic trick. Hooray for progress! 🎉

But let’s not get too carried away. XRP, for all its potential, isn’t quite Solana, and it hasn’t had the same back-and-forth with the SEC that Solana’s filings enjoyed. Bloomberg’s senior ETF analyst, Eric Balchunas, wryly noted that the absence of such engagement is one reason why XRP’s issuers feel it’s ready-but hey, who are we to say otherwise? Worth a try, right? 😂

The distinction is crucial: Solana’s spot ETF filings underwent rigorous engagement with the SEC staff before the government shutdown, giving issuers a sense of confidence. With XRP, however, Canary is pushing forward with significantly less feedback and far more suspense. Think of it as a high-stakes poker game-will they fold, or will they ride the wave?

This sets the stage for a binary outcome: If Nasdaq approves the 8-A filing, and the SEC doesn’t intervene, then on November 13, the first US spot XRP ETF will trade. But should the SEC step in-forcing additional comments or delaying the listing-we’ll know for sure: the Commission is willing to let some assets skate by, but not XRP. Not yet. Not this time. 🧐

At press time, XRP was trading at $2.48-who knows what it will be when this whole circus ends?

Read More

2025-10-31 16:30