Canary Funds has positioned what could become the first US spot XRP ETF to launch on November 13, after moving its fund onto an accelerated legal track that limits the SEC’s ability to control timing.
The shift comes from a change in Canary’s updated S-1. As reported by Crypto In America host Eleanor Terrett, Canary “has filed an updated S-1 for its XRP spot ETF, removing the ‘delaying amendment’ that stops a registration from going auto-effective and gives the SEC control over timing.” Without that delaying amendment, the registration can become effective automatically after the 20-day statutory waiting period, unless the SEC actively intervenes.
Terrett says this puts Canary’s ETF on a concrete timeline: “This sets Canary’s XRP ETF up for a launch date of November 13, assuming the Nasdaq greenlights the 8-A filing.” The Form 8-A is what allows the product to actually list on Nasdaq and trade. That exchange approval is now the last operational step. If Nasdaq signs off and the SEC does not move to block or slow it, the fund can begin trading.
This approach is not theoretical. It is the same legal mechanism that was just used to push out spot crypto ETFs tied to Solana (SOL), Hedera (HBAR), and Litecoin (LTC) earlier this week, despite the US shutdown period. Terrett notes that both Bitwise and Canary relied on the 20-day waiting period “to go public during the shutdown,” in effect leveraging a moment when normal back-and-forth review is constrained.
Why November 13 Is Still Uncertain For A Spot XRP ETF
That shutdown dynamic is still relevant. Terrett cautions that “the government reopening could affect the timing, potentially moving it up if the filing is complete and the SEC is satisfied, or back if staff propose additional comments.” In other words, the November 13 date can move in either direction depending on how quickly the SEC re-engages, and whether it decides to press for changes.
There are also signals from the top of the agency. While not commenting directly on crypto ETFs, SEC Chair Paul Atkins “said yesterday he was pleased to see companies like MapLight using the 20-day statutory waiting period to go public during the shutdown,” praising the same legal pathway Canary is now invoking for XRP. Terrett frames that as meaningful because it suggests the agency is publicly acknowledging the legitimacy of going effective on the statutory clock rather than through negotiated timing.
That said, XRP is not Solana. Bloomberg’s senior ETF analyst Eric Balchunas noted that “XRP docs didn’t have the same comments back-and-forth with the SEC that Solana had,” adding “that was one reason issuers felt they were ready. But hey, worth a try I guess.”
The difference is important: Solana’s spot ETF filings went through iterative engagement with SEC staff before the US government shutdown which gave issuers confidence. With XRP, Canary is effectively stress-testing the process with less visible negotiated review.
That creates a binary outcome. If Nasdaq clears the 8-A and the SEC allows the auto-effective clock to run out without forcing new comments, the XRP fund could begin trading on November 13, establishing the first US spot ETF. If the SEC steps in, either by pushing additional comments onto the S-1 or pressuring the listing, that would mark a line: the Commission is willing to tolerate auto-effectiveness for certain assets, but not XRP — at least not yet.
At press time, XRP traded at $2.48.
Featured image created with DALL.E, chart from TradingView.com
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