Canary Capital nears SEC approval for XRP and Solana ETFs amid broader crypto ETF momentum – CoinJournal
- Canary files updated XRP and Solana ETF registrations, cutting fees to 0.50%.
- SEC’s crypto-friendly shift speeds up ETF approvals under new listing standards.
- Pending crypto ETFs may see faster approvals once the US government reopens.
Canary Capital is moving closer to securing approval from the US Securities and Exchange Commission (SEC) for its proposed exchange-traded funds (ETFs) tracking XRP and Solana (SOL).
The firm recently updated two of its registration statements, signaling that it may be nearing the final stages of the approval process as regulatory sentiment toward digital assets shifts under the current administration.
Canary updates XRP and Solana ETF filings
The firm filed amendments on Friday for its Canary Marinade SOL ETF, which incorporates staking, and its Canary XRP ETF.
Both filings disclosed a 0.50% sponsor fee, a notable reduction from the 0.95% fee previously designated for the company’s HBAR and Litecoin ETFs.
Bloomberg Senior ETF Analyst Eric Balchunas noted the significance of the filings, saying on X (formerly Twitter) that Canary’s submission of “Amendment #6” for its spot Solana ETF—with a 0.50% expense ratio but no cut of staking rewards—indicates the application is close to approval.
The mention of “Amendment #6” typically suggests that the filing process is in its final stages.
The fee adjustment comes amid increasing competition among asset managers in the emerging crypto ETF market.
Earlier this week, Bitwise disclosed a 0.20% fee for its Solana staking ETF, adding pressure on other issuers to keep costs low as they await regulatory clearance.
Regulatory progress under a new administration
Canary’s filings arrive at a pivotal moment for the crypto industry.
Several firms have submitted applications for ETFs tracking digital assets such as Dogecoin (DOGE) and Litecoin (LTC) over the past year, encouraged by what market participants describe as a more crypto-friendly regulatory environment.
The shift follows the appointment of Paul Atkins, a known advocate for digital asset innovation, as SEC Chair under President Donald Trump.
Under Atkins’ leadership, the agency has taken steps to provide clearer guidelines for the listing and trading of crypto-based investment products.
Among the most significant developments has been the approval of new listing standards that outline the criteria for listing certain crypto ETFs on US exchanges.
This regulatory update could allow dozens of pending crypto ETF applications to launch without requiring individual approval under the SEC’s 19b-4 process, a procedural bottleneck that has historically delayed product rollouts.
The change could significantly shorten the timeline for ETFs like Canary’s XRP and Solana funds to reach the market.
Awaiting SEC action amid government shutdown
Despite the regulatory progress, uncertainty remains over how quickly the SEC can move forward, particularly in the wake of the recent US government shutdown.
Several ETF deadlines tied to the 19b-4 process have already passed, including those for Solana and Litecoin products.
According to sources cited by The Block, the SEC may consider batch approvals for single-product crypto ETFs in October and November, once the government resumes full operations.
The focus now lies on the registration statements, which unlike 19b-4 filings, do not have strict timelines attached.
Canary Capital’s latest updates suggest it is well positioned among the next wave of ETF issuers.
If approved, its products could join a rapidly expanding lineup of crypto-linked ETFs that are gradually gaining regulatory acceptance in the US financial markets.
