Canary Capital is likely to pause filings for new cryptocurrency exchange-traded funds (ETFs) for the rest of the year, and CEO Steve McClurg said the company has already filed applications for every currently eligible token under existing regulatory guidelines.
In an interview with CoinDesk, McClurg said the XRP ETF launched this week and Solana is pending. products complete the company’s current portfolio.
“After that, we will have filed everything that fits the generic listing standards,” McClurg said, referring to the SEC framework that allows certain cryptocurrency-backed exchange-traded funds to move forward without lengthy review processes.
Under these standards, a crypto asset must meet criteria such as having a futures market that has been traded for more than six months. That bar leaves only a short list of assets that Canary believes may currently qualify.
McClurg noted that the company will now shift its focus toward managing existing products and expect changes to how the Securities and Exchange Commission treats crypto ETFs. For any new launch, “we’re just waiting for them to qualify, either under generics or through a 19b-4 approval,” he said, referencing a separate, more complicated process for ETF authorization.
On Thursday, Canary launched the first XRP spot ETF to the market, which debuted with a trading volume of $58 million, making it one of the most successful ETF launches this year, according to Bloomberg ETF analyst Eric Balchunas.
McClurg believes the XRP fund could outperform its Solana counterparts, which launched earlier this month, as the XRP network is more familiar to traditional financial players than Solana, which is more integrated into the crypto ecosystem, he said.
