Canary Capital plans to step back from filing additional crypto ETFs for the remainder of the year, as the firm has already submitted applications for all assets that currently meet the SEC’s qualifying standards, according to CEO Steve McClurg.
In a conversation with CoinDesk, McClurg said the launch of Canary’s spot XRP ETF this week, along with a forthcoming Solana ETF, effectively closes out the list of products the company can pursue under the SEC’s “generic listing standards.”
“Once the Solana ETF is filed, that’s everything that fits under the generic rules,” McClurg noted, pointing to the SEC framework that allows certain crypto ETFs to move forward without an extended review. Assets must meet requirements such as having a futures market active for at least six months—criteria that only a limited number of tokens currently satisfy.
With that list now exhausted, Canary plans to concentrate on operating its existing lineup while it waits for regulatory conditions to shift. Future ETF launches will depend on whether more assets become eligible under the generic standards or need to move through the more complex 19b-4 approval process, McClurg added.
Canary’s new spot XRP ETF made a strong entrance on Thursday, recording $58 million in first-day trading volume. Bloomberg ETF analyst Eric Balchunas called it one of the most successful ETF debuts of the year.
McClurg also suggested that the XRP ETF may outperform Solana-focused products introduced earlier this month, arguing that XRP’s ecosystem is better known to traditional financial institutions, while Solana remains more closely tied to crypto-native communities
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