Canary Capital will likely pause filings of new crypto exchange-traded funds (ETFs) for the rest of the year, with CEO Steve McClurg saying the company has already submitted applications for every token currently eligible under current regulatory guidelines.
Speaking in an interview with CoinDesk, McClurg said the XRP ETF launched this week and a pending Solana This product complements the company’s current range.
“After that, we will have filed everything that falls under 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 traded for more than six months. This bar leaves only a short list of assets that Canary believes may currently qualify.
McClurg noted that the company will now focus on managing existing products and await changes in how the Securities and Exchange Commission treats crypto ETFs. For any new launches, “we’re just waiting for them to be qualified, either as generics or through 19b-4 approval,” he said, referring to a separate, more complex process for ETF authorization.
On Thursday, Canary launched the market’s first spot XRP ETF, which debuted with $58 million in trading volume, 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, launched earlier this month, because the XRP network is more familiar to traditional financial players than Solana, which is more integrated into the crypto-native ecosystem, he said.
