- Canary updated XRP and Solana ETF filings, cutting fees to 0.50%.
- The SEC’s more crypto-friendly approach is accelerating ETF approvals under new listing standards.
- Pending crypto ETFs may see faster approvals once the U.S. government reopens.
Canary Capital appears to be moving closer to approval from the U.S. Securities and Exchange Commission (SEC) for its proposed exchange-traded funds (ETFs) tracking XRP and Solana (SOL).
The firm recently updated two of its registration statements, a signal that it may be entering the final stages of the approval process as regulatory sentiment toward digital assets shifts under the current administration.
Canary updates XRP and Solana ETF filings
Canary filed amendments on Friday for its Canary Marinade SOL ETF, which includes staking, and for its Canary XRP ETF.
Both filings disclosed a sponsor fee of 0.50%, a notable reduction from the 0.95% fee previously listed for the firm’s HBAR and Litecoin ETFs.
Bloomberg senior ETF analyst Eric Balchunas highlighted the filings, noting on X (formerly Twitter) that Canary’s submission of “Amendment No. 6” for its spot Solana ETF — priced at a 0.50% expense ratio but without any cut to staking rewards — suggests the application is close to approval.
The reference to “Amendment No. 6” typically indicates that the filing has reached the late stages of the review process.
The fee adjustment arrives amid increasing competition among asset managers on the emerging crypto-ETF market.
Earlier in the week, Bitwise disclosed a 0.20% fee for its Solana staking ETF, raising pressure on other issuers to keep costs low while they await regulatory clearance.
Regulatory momentum under the new administration
Canary’s filings come at a pivotal moment for the crypto industry.
Several firms have filed ETF applications tracking digital assets such as Dogecoin (DOGE) and Litecoin (LTC) over the past year, encouraged by what market participants describe as a more crypto-friendly regulatory environment.
The shift follows the appointment of Paul Atkins, a well-known advocate for digital asset innovation, as SEC chair under the current administration.
Under Atkins’s leadership, the agency has taken steps to provide clearer guidance for the listing and trading of crypto-based investment products.
One of the most significant moves has been the adoption of new listing standards that outline the criteria for listing certain crypto ETFs on U.S. exchanges.
This regulatory update could allow dozens of pending crypto-ETF applications to be listed without requiring separate approvals through the SEC’s 19b-4 process, a procedural bottleneck that has historically delayed product launches.
The change could materially shorten the timeline for ETFs such as Canary’s XRP and Solana funds to reach the market.
Waiting on SEC action amid government reopening
Despite regulatory progress, uncertainty remains around how quickly the SEC can act, particularly in the wake of the recent U.S. government shutdown.
Several ETF deadlines tied to the 19b-4 process have already passed, including those for Solana and Litecoin products.
Sources cited by The Block suggest the SEC may consider batch approvals for crypto ETFs, potentially clearing a single group of products in October and November once the government returns to full operation.
Attention is now focused on registration statements, which — unlike 19b-4 filings — do not carry strict statutory deadlines.
Canary Capital’s recent updates indicate it is well positioned among the next wave of ETF issuers.
If approved, Canary’s products would join a rapidly expanding roster of crypto-linked ETFs that are gradually gaining regulatory acceptance on U.S. financial markets.