Canary Capital is on the verge of gaining approval from the U.S. Securities and Exchange Commission (SEC) for its proposed exchange-traded funds (ETFs) that track XRP and Solana (SOL). Recent updates in their filing processes reflect a favorable shift in regulatory sentiment toward cryptocurrencies.
Canary Capital Updates ETF Filings for XRP and Solana
On Friday, Canary Capital submitted amendments for its Canary Marinade SOL ETF, which incorporates staking, as well as for its Canary XRP ETF. Both documents revealed a sponsorship fee of 0.50%, a significant reduction from the 0.95% previously planned for the company’s HBAR and Litecoin ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the significance of these filings. He noted on social media platform X (formerly Twitter) that Canary’s submission of “Amendment #6” for its spot Solana ETF—boasting a 0.50% fee without discounting staking rewards—suggests that the application is nearing approval.
The reference to “Amendment #6” typically indicates that the filing process has entered its final stages. This fee adjustment comes amid rising competition among asset managers in the burgeoning crypto ETF market. Earlier this week, Bitwise announced a mere 0.20% fee for its staking Solana ETF, prompting other issuers to keep costs low while awaiting regulatory clearance.
Regulatory Progress Under New Administration
These recent filings arrive at a pivotal moment for the cryptocurrency industry. Over the past year, numerous companies have submitted ETF applications for digital assets such as Dogecoin (DOGE) and Litecoin (LTC), encouraged by what market participants describe as a more favorable regulatory environment.
This shift follows the appointment of Paul Atkins, a well-known advocate for innovation in digital assets, as chair of the SEC under President Donald Trump. Under Atkins’ leadership, the agency has taken steps to provide clearer guidelines for the listing and trading of cryptocurrency-based investment products.
Significant developments include the approval of new listing standards outlining criteria for certain crypto ETFs on U.S. exchanges. This regulatory update could enable dozens of pending crypto ETF applications to launch without individual approvals under the SEC’s 19b-4 process—historically a bottleneck that delayed product rollouts.
This change could dramatically shorten the time it takes for products like Canary’s XRP and Solana ETFs to enter the market.
Waiting on SEC Action Amid Government Shutdown
Despite regulatory advancements, uncertainty lingers regarding how swiftly the SEC can proceed, particularly following the recent U.S. government shutdown. Several ETF deadlines related to the 19b-4 process have already passed, including those for the 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 shifts to registration statements, which, unlike 19b-4 filings, don’t carry strict deadlines.
Canary Capital’s recent updates indicate it is well-positioned among the next wave of ETF issuers. If approved, its products could join an expanding array of cryptocurrency-linked ETFs that are gradually gaining regulatory acceptance within American financial markets.
