Canary Capital is likely to pause new crypto exchange-traded fund (ETF) filings for the rest of the year, with CEO Steve McClurg saying the firm has already submitted filings for every token currently eligible under existing regulatory guidelines.
In an interview with CoinDesk, McClurg said the XRP ETF launched this week and a pending Solana product round out the company’s current slate.
“After that, we will have filed anything that falls under the generic listing standards,” McClurg said, referring to the SEC’s framework that allows certain crypto-backed exchange-traded funds to move forward without lengthy review processes.
According to these standards, a crypto asset must meet criteria such as having a futures market that has been trading for more than six months. This bar leaves only a short list of assets that Canary believes may currently qualify.
McClurg noted that the firm will now shift its focus toward managing existing products and await changes in how the Securities and Exchange Commission treats crypto ETFs. For all new launches, “we’re just waiting for them to qualify, either under generics or via a 19b-4 approval,” he said, referring to a separate, more involved process for ETF approval.
On Thursday, Canary brought the first spot XRP ETF to market, 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, which launched earlier this month, as the XRP network is more familiar to traditional financial players than Solana, which is more embedded in the crypto-native ecosystem, he said.
