XRP ETF in the Spotlight: Canary Capital Moves Forward in Seeking SEC Approval

• SEC recognizes XRP ETF registration.
• Canary Capital advances in approval.
• Growing interest in crypto ETFs.

Amid an ever-evolving regulatory landscape for the cryptocurrency market in the United States, Canary Capital has taken a significant step towards launching a cryptocurrency exchange-traded fund (ETF). XRP in sight. The U.S. Securities and Exchange Commission (SEC) recognized , on February 19, the company's proposal was registered, marking a new chapter in the search for crypto asset investment products.

The news comes at a time of growing interest in cryptocurrency ETFs. The change in administration in the U.S. government, with a more crypto-friendly stance, also contributes to optimism regarding the approval of new crypto investment products.

The SEC’s recognition of Canary Capital’s registration is a crucial step in the process of approving an ETF. The agency will now solicit public comment on the proposal within 21 days of the publication of the registration in the Federal Register. After that period, the SEC may decide to approve, disapprove or initiate further proceedings to review the proposal.

Canary Capital is not alone in this journey. Other companies, such as 21Shares, Bitwise, Grayscale, and CoinShares, have also had their XRP spot ETF registrations recognized by the SEC. Additionally, the company has already managed to obtain a Litecoin ETF registration from the regulator.

The rush to launch spot crypto ETFs reflects the growing interest among institutional and retail investors in accessing these assets through regulated investment products. The approval of a spot XRP ETF by the SEC would be a major milestone for the crypto market, paving the way for greater adoption and liquidity of XRP.

Brazil Launches the World’s First Approved Spot XRP ETF

In an initiative in the cryptocurrency sector, Brazil stood out by receiving approval to launch the world's first spot XRP ETF . The Brazilian Securities and Exchange Commission (CVM) has given the green light to the ETF, which will be managed by Hashdex. The date of its debut on the Brazilian stock exchange, B3, has yet to be announced, but Hashdex promises to release more information “soon.”

Silvio Pegado, Ripple’s general manager for Latin America, commented that XRP is an ideal choice for an ETF at the current moment. He highlights the currency’s practical utility, growing interest from institutional investors, and its victory over the U.S. Securities and Exchange Commission (SEC) in a high-profile lawsuit as reasons for its potential.

In the United States, several XRP ETFs are still awaiting regulatory approval. This puts Brazil in an advantageous position, being the first country to move into this space.