Canary Capital is on the verge of receiving approval from the U.S. Securities and Exchange Commission (SEC) for its proposed exchange-traded funds (ETFs) tracking XRP and Solana (SOL). Recent updates to its registration filings suggest that the company is nearing the final stages of the approval process amidst a changing regulatory landscape for digital assets.
Canary Updates ETF Filings for XRP and Solana
On Friday, Canary submitted amendments for its Canary Marinade SOL ETF, which incorporates staking, as well as its Canary XRP ETF. Both applications revealed a reduced sponsorship fee of 0.50%, significantly lower than the previously anticipated fee of 0.95% for the company’s HBAR and Litecoin ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg, emphasized the importance of these filings, stating on X (formerly Twitter) that the submission of “Amendment #6” for its Solana spot ETF—with a fee ratio of 0.50% and no reduction in staking rewards—indicates that the application is close to approval. The mention of “Amendment #6” typically suggests that the filing is in the final stages of the process.
The adjustment in fees comes amid increasing competition among asset managers in the emerging crypto ETF market. Earlier this week, Bitwise announced a fee of 0.20% for its Solana staking ETF, adding pressure on other issuers to keep costs low while waiting for regulatory approval.
Regulatory Progress Under New Administration
Canary’s filings arrive at a crucial moment for the cryptocurrency industry. Over the past year, several businesses have submitted ETF applications for funds tracking digital assets like Dogecoin (DOGE) and Litecoin (LTC), encouraged by what market players describe as a more favorable regulatory environment for cryptocurrencies. This shift follows the appointment of Paul Atkins, an advocate for innovation in digital assets, as SEC Chair under President Donald Trump. Under Atkins’ leadership, the agency has moved to provide clearer guidelines for the listing and trading of cryptocurrency-based investment products.
One of the most significant developments has been the approval of new listing standards that outline criteria for certain crypto ETFs on U.S. exchanges. This regulatory update could allow dozens of pending crypto ETF applications to launch without requiring individual approval through the SEC’s 19b-4 process, a procedural bottleneck that has historically delayed product deployment.
This change could considerably shorten the time frame for market entry for ETFs like Canary’s XRP and Solana funds.
Awaiting SEC Action Amid Government Shutdown
Despite regulatory advancements, uncertainty remains regarding how quickly the SEC can move forward, especially following the recent 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 is now on the registration statements, which, unlike 19b-4 filings, do not come with strict deadlines.
Canary Capital’s recent updates indicate that it is well-positioned among the next wave of ETF issuers. If approved, its products could join a growing array of cryptocurrency-related ETFs that are gradually gaining regulatory acceptance in U.S. financial markets.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
