- Canary Capital acted in response to Bitwise’s filing of its S-1 registration statement last week.
- The company is witnessing “encouraging signs of a more progressive regulatory environment coupled with growing demand,” according to Steven McClurg, the founder of Canary Capital.
Canary Capital, a cryptocurrency investment firm, became the second company to compete for a spot exchange-traded fund this month when it submitted a registration statement to the U.S. Securities and Exchange Commission.
According to the company’s S-1 registration statement, which was filed on Tuesday, the Canary XRP ETF allows investors to access the market for XRP through a standard brokerage account without the possible risks or entry hurdles associated with purchasing and holding XRP directly.
For the ETF, a custodian or administrator has not yet been assigned. We are seeing encouraging signs of a more progressive regulatory environment coupled with growing investor demand for sophisticated access to cryptocurrencies beyond Bitcoin and Ethereum—specifically, investors seeking access to enterprise-grade blockchain solutions and their native tokens like XRP—said Steven McClurg, the founder of Canary Capital, in a statement.
The other spot crypto ETF company, Valkyrie Funds, was also started by McClurg in the past.
Canary Capital has moved after Bitwise filed its S-1 registration statement last week. The SEC has never approved a spot XRP ETF, and even if it does, there may be obstacles in its way.
The SEC and Ripple are locked in a legal battle when the agency claimed that Ripple raised $1.3 billion by selling XRP, which it considers to be an unregistered security.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
