Canary Capital will likely pause new crypto exchange-traded fund (ETF) filings for the rest of the year. CEO Steve McClurg stated the firm has already submitted applications for every token that meets the current regulatory guidelines.
In an interview with RialCenter, McClurg mentioned the recent XRP ETF launch and a pending Solana product as part of the company’s current offerings.
“After that, we will have filed everything that falls under the generic listing standards,” McClurg said, referring to the SEC’s framework that allows specific crypto-backed ETFs to proceed without extensive review processes.
According to these standards, a crypto asset must satisfy criteria such as having a futures market that has been active for more than six months. This restriction leaves only a limited list of assets that Canary believes can currently qualify.
McClurg indicated that the firm will now concentrate on managing existing products while waiting for changes in the SEC’s treatment of crypto ETFs. For any new launches, “we’re just waiting for them to qualify, either under generics or via a 19b-4 approval,” he noted, which is a more involved process for ETF authorization.
This Thursday, Canary introduced the 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 industry analysts.
McClurg believes the XRP fund could outshine its Solana counterparts, as the XRP network is more recognizable to traditional finance players compared to Solana, which is more entrenched in the crypto-native ecosystem.
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