Canary Capital Enters the XRP ETF Race as Demand for XRP ETF Grows Despite Ripple's Legal Challenges

Interest in an XRP ETF in the U.S. is growing as Canary Capital files its second application following Bitwise's attempt earlier this month.

CoinChapter – NAIROBI, Kenya. Interest in an XRP ETF in the U.S. is growing as Canary Capital files its second application following Bitwise’s attempt earlier this month. Despite ongoing legal challenges between Ripple and the U.S. Securities and Exchange Commission (SEC), the demand for an XRP ETF among investors is gaining traction.

Nate Geraci, president of ETF Store, said the approval of an XRP ETF is a matter of timing, not feasibility. He pointed out that political shifts, like changes in the U.S. administration or SEC leadership, could alter the regulatory environment.

Moreover, Chairman Gary Gensler has been at the receiving end of some serious crypto side-eye for his heavy-handed regulatory approach. But some, like Geraci and other industry insiders, believe that if a new host takes charge, the party could get started sooner than we think. Pro-XRP attorney Bill Morgan and Ripple CEO Brad Garlinghouse are hopeful too, with fingers crossed that an XRP ETF might finally make it through the regulatory gauntlet.

Canary Capital Enters the XRP ETF Race While Bitwise filed its application on Oct. 2, Canary Capital’s filing with the SEC on Oct. 8 marks the firm’s first attempt to launch an XRP exchange-traded fund (ETF). Managed by Canary Capital Group, the fund aims to provide institutional and retail investors with exposure to XRP without the need for direct purchases. It will track XRP's value using the CME CF Ripple. Specifically, this will reduce the complexities associated with custody, security, and regulation.

This move follows Bitwise’s filing on Oct. 2, as both firms seek to bring XRP into traditional financial markets through ETF products. Canary Capital, founded by Steven McClurg in Sept., cited growing investor demand and the evolving regulatory landscape as driving factors behind the filing.

Bitwise and Canary’s moves also follow the launch of the Grayscale XRP Trust on Sept. 12, which offers accredited investors direct exposure to XRP.

Canary Capital is betting on XRP being the next big thing as more investors move away from BTC and ETH.

The above is the detailed content of Canary Capital Enters the XRP ETF Race as Demand for XRP ETF Grows Despite Ripple's Legal Challenges. For more information, please follow other related articles on the PHP Chinese website!