- Canary updated filings for XRP and Solana ETFs and cut fees to 0.50%.
- The SEC’s more crypto-friendly shift is accelerating approvals under new listing standards.
- Pending crypto ETFs could be approved faster if the U.S. government resumes full operations.
Canary Capital appears to be moving closer to gaining U.S. Securities and Exchange Commission (SEC) approval for proposed exchange-traded funds (ETFs) that would track XRP and Solana (SOL).
The firm recently updated two registration statements, signaling it may be approaching the final stages of the approval process as regulatory sentiment toward digital assets shifts under the current administration.
Canary updates filings for XRP and Solana ETFs
On Friday, Canary filed amendments to its Canary Marinade SOL ETF, which incorporates staking, and to its Canary XRP ETF.
Both filings disclose a sponsor fee of 0.50%, a significant reduction from the 0.95% fee previously assigned to the company’s HBAR and Litecoin ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg, noted on X (formerly Twitter) that Canary’s submission of “Amendment #6” for a spot Solana ETF—showing a 0.50% expense ratio while not reducing staking rewards—suggests the application is nearing approval.
References to an “Amendment #6” typically indicate that an application has reached the later stages of review.
The fee reduction comes as competition among asset managers in the emerging crypto ETF market intensifies.
Earlier this week, Bitwise disclosed a 0.20% fee for a Solana staking ETF, putting pressure on other issuers to keep costs low while waiting for regulatory sign-off.
Regulatory progress under the new administration
Canary’s filings arrive at a pivotal moment for the crypto industry.
Buoyed by what market participants describe as a more crypto-friendly regulatory environment, several firms have submitted ETF applications over the past year to track digital assets like Dogecoin (DOGE) and Litecoin (LTC).
This shift followed the appointment of Paul Atkins—an advocate for digital asset innovation—as SEC chair under President Donald Trump’s administration.
Under Atkins’s leadership, the commission has taken steps to provide clearer guidance on the listing and trading of crypto-based investment products.
One of the most consequential developments is the approval of new listing standards that outline criteria for listing certain crypto ETFs on U.S. exchanges.
That regulatory update could allow dozens of pending crypto ETF applications to proceed without requiring individual 19b-4 approvals from the SEC.
As a result, ETFs such as Canary’s XRP and Solana funds could reach the market on a much faster timeline.
Waiting on SEC action amid government shutdown
Despite regulatory progress, uncertainty remains over how quickly the SEC can move—especially following a recent U.S. government shutdown.
Deadlines tied to the 19b-4 process for several ETFs, including Solana and Litecoin products, have already passed.
Sources cited by The Block indicated the SEC could consider bulk approvals for single-asset crypto ETFs in October and November once the government fully resumes operations.
For now, attention is on registration statements, which—unlike 19b-4 filings—do not carry a fixed timeline.
Canary Capital’s most recent updates suggest the firm is well positioned among the next wave of ETF issuers.
If approved, Canary’s products would join a rapidly expanding lineup of crypto-related ETFs gaining regulatory acceptance in U.S. financial markets.