- Canary Capital has removed the “delaying amendment” from its XRP ETF S-1 filing, pointing to a potential November 13 launch.
- SEC and Nasdaq reviews could still change the fund’s timeline.
- Existing XRP-linked ETF products are already attracting significant inflows.
Canary Capital has amended its S-1 registration for a proposed spot Ripple (XRP) exchange-traded fund, deleting a procedural clause that could allow the filing to become automatically effective around November 13.
Although technical, the change has practical implications: by removing the “delaying amendment,” the filing may become automatically effective after the statutory 20-day waiting period unless the Securities and Exchange Commission takes further action.
The update positions the XRP ETF to go live after 20 days
Canary’s revised submission to the SEC eliminates language that typically gives the agency control over a registration’s effective date. Practically, this places the fund on the auto-effective path under Section 8(a) of the Securities Act of 1933, the same mechanism used by several recent altcoin ETF filings.
Journalist Eleanor Terrett highlighted the amendment publicly, noting that, if nothing else intervenes, the change sets up a possible November 13 launch date.
The filing still requires Nasdaq to complete a Form 8-A listing. If Nasdaq clears the 8-A and SEC staff raise no further comments, the 20-day statutory clock would make a mid-November launch a realistic outcome.
SEC could still request additional amendments
The procedural tweak does not guarantee a firm timeline. The SEC can still issue additional comments that would force Canary to amend its filing, which would reset the waiting period and delay effectiveness.
Broader factors such as staffing and review priorities at the commission also add uncertainty. Changes in agency operations or shifts in review focus could either accelerate or delay final approval.
SEC Commissioner Paul S. Atkins has recently voiced support for issuers using the automatic effectiveness route during periods when agency operations are slower, praising the long-standing legal mechanism behind the 20-day waiting period. While he did not speak specifically about Canary, his comments underscore that the auto-effective option remains a viable path when filings are in compliance.
XRP ETF market activity is already strong
Even before full approval of a spot XRP ETF, the market for XRP-based ETF products has been active. A number of funds—covering leveraged and volatility strategies—are already trading from providers such as Teucrium, VolatilityShares, Rex-Osprey, ProShares and Purpose.
These products have attracted notable inflows, reflecting investor interest in gaining XRP exposure through ETF wrappers. Teucrium’s leveraged XRP product has amassed meaningful assets, and Rex-Osprey’s recently launched fund reported strong initial volume and crossed into the low hundreds of millions in assets under management.
Several other issuers, including larger industry names, have pending applications, suggesting that competition could intensify if Canary’s product reaches the market first.
In summary, Canary Capital’s removal of the delaying amendment creates a clear path to automatic effectiveness after the 20-day statutory period, putting a November 13 launch on the table. However, final timing remains contingent on Nasdaq’s 8-A approval and any additional SEC comments or changes in agency processes.