Will XRP Be the Next Crypto ETF to Hit Wall Street?
Canary Capital is targeting a launch date of November 13
đ Welcome to the Halloween edition of the Crypto In America newsletter!
What youâll read: Canaryâs XRP ETF is shaping up to be next in line for a Wall Street debut, the market structure wheels are turning, and a recap of the weekâs biggest headlines.
Canary Capitalâs XRP spot ETF could be the next crypto fund to hit Wall Street, following an amended Sâ1 filed last Friday.
The filing, quietly modified on October 24, removes the âdelaying amendmentâ that gives the SEC discretion over when the registration becomes effective, clearing the way for a potential November 13 launch, assuming Nasdaq approves the crucial Form 8âA to allow it to list.
The move builds on the same legal mechanism Bitwise and Canary used to launch their Solana, Hedera, and Litecoin ETFs this week, leveraging the 20-day statutory waiting period under Section 8(a) of the Securities Act of 1933, which makes a registration statement effective 20 days after filing unless the SEC declares it effective sooner.
SEC Chair Paul Atkins signaled support for the approach, praising a company called MapLight that went public during the shutdown using the auto-effective method.
Since Tuesdayâs launches, which broke the Gensler-era tradition that all crypto ETFs start trading on the same day regardless of filing date, other issuers have been rushing to update their Sâ1s to bring products to market while the SEC continues operating on a limited basis during the government shutdown. Fidelity, VanEck, and Canary all updated their Solana ETF registrations this week, removing the delaying amendment and targeting midâNovember launches pending exchange approval.
A November 13 launch for Canaryâs XRP ETF would give the firm another first-mover advantage over other issuers with XRP ETF applications, including Bitwise, Franklin Templeton, 21Shares, and Grayscale, all of which have yet to update their filings.
Worth noting: The government reopening could affect Canaryâs targeted launch date. ETF experts say that if the SEC reopens sooner and the filing meets all requirements, the launch could move up. If staff return before the 13th and propose additional comments, it could be delayed.
Market Structure Wheels In Motion
They say teamwork makes the dream work, and thatâs exactly whatâs happening on Capitol Hill, with pro-crypto Republicans and Democrats more determined than ever to get a market structure bill marked up by Thanksgiving.
Last weekâs roundtables, where industry members met with lawmakers to get back on track after a fallout over a leaked proposal on regulating DeFi, along with words of encouragement from Senate Minority Leader Chuck Schumer (DâNY) and Trumpâs Crypto and AI Czar David Sacks, appear to have done the trick.
Staff-level negotiations in the Senate Banking Committee are accelerating, while over in Senate Ag, a bipartisan text from Sens. John Boozman (RâAR) and Cory Booker (DâNJ) is said to be imminent and could drop as soon as today, though final negotiations might push it into next week.
A handful of Capitol Hill and industry sources tell Crypto In America that both parties are now âlaser-focusedâ on pushing a bipartisan bill through both committees and onto the Senate floor before members leave for Thanksgiving.
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Weekly Recap
ICYMI. Here are the biggest news stories this week from the intersection of Washington and Web3:
The Federal Reserve cut interest rates by another 25 basis points to a range of 3.75% to 4%. The central bank also said it will end its balance sheet runoff, known as quantitative tightening, on December 1.
Longtime crypto skeptic Jamie Dimon told investors at Saudi Arabiaâs flagship investment conference that âcrypto is real,â predicting that all major banks will eventually use stablecoins to move money more efficiently.
JPMorgan is moving forward with crypto solutions like tokenizing a private equity fund on its own blockchain platform and is thinking about allowing institutional clients to use Bitcoin and Ethereum as collateral for loans.
Coinbase is partnering with Citi to build stablecoin payment infrastructure and expand crypto adoption among the Wall Street bankâs institutional clients.
Coinbase profit jumped to $433 million in Q3 thanks to a surge in trading volumes and stablecoin revenue.
Legacy remittance giant Western Union is launching a stablecoin, USDPT, on Solana in partnership with Anchorage Digital, with a rollout expected early next year. The company has also filed for a âWUUSDâ trademark, hinting at a crypto wallet, trading, and stablecoin payments.
MetaMask parent company Consensys has reportedly selected JPMorgan and Goldman Sachs as lead underwriters for its planned IPO, according to Axios.
Former FTX US President Brett Harrison is launching AX, a new platform for perpetual stock trading.
Binance founder CZ is weighing a defamation lawsuit against Senator Elizabeth Warren (D-MA) over a tweet that falsely claimed he pled guilty to a criminal money laundering charge.
Trump Media is adding prediction markets to Truth Social through a partnership with Crypto.com, letting users bet on elections, interest rates, and sports using crypto.
Payments network Zelle plans to enable international money transfers using stablecoins.
Happy (17th) Bitcoin White Paper Day!
On this day, seventeen years ago, the elusive Satoshi Nakamoto released the Bitcoin white paper, introducing Bitcoin to the world. What started as a 9-page vision for peer-to-peer digital cash, born out of the 2008 financial crisis, has since sparked a global movement, creating a $2 trillion ecosystem and reshaping how we think about money.
Read it here.
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The November 13 target for Canary's XRP ETF is fasinating given how they leveraged the same auto effective mechanism that worked for Solana, Hedera, and Litecoin last week. That first mover advantage could be huge, especially with Bitwise, Franklin Templeton, and Grayscale still holding delaying amendments. What really stands out is how this regulatory arbitrage during the shutdown might actually be beter for innovation than the coordinated launch approach. No political grandstanding, no last minute objections, just efficient capital formation. The broader context in your weekly recap is gold too. JPMorgan's shift from crypto skeptic to offering tokenized funds and accepting BTC/ETH as collateral, plus Western Union launching USDPT on Solana, shows the institutional tide is undeniable now. Happy Bitcoin White Paper Day indeed, 17 years from concpet to reshaping global finance. Satoshi would probably be amazed and slightly horrified at how mainstream this has become.