Bitwise recently broke new ground by applying for the first XRP ETF in the US.
Just a week after this application, the second application for the XRP ETF came in the US.
Crypto investment firm Canary Capital has taken a bold step by applying for the second spot XRP ETF in the US.
The company, which made an official application to the SEC, named its ETF Canary XRP ETF.
Canary Capital founder Steven McClurg said in a statement:
“Beyond Bitcoin and Ethereum, we are seeing encouraging signs of a more progressive regulatory environment as investors increasingly demand improved access to cryptocurrencies.
There are investors specifically looking for access to enterprise-grade blockchain solutions and native tokens like XRP.”
The company noted in its SEC filing that the Canary XRP ETF “gives investors the opportunity to access the XRP market through a traditional brokerage account without the potential barriers to entry or risks involved in acquiring and holding XRP directly.”
No custodian has yet been determined for the Canary XRP ETF.
Although the second ETF application for XRP has arrived, the SEC recently appealed the decision in the Ripple case. At this point, experts stated that this objection by the SEC could reduce the chances of approval of an XRP ETF. Experts also added that the lack of clarity regarding the status of most altcoins could prevent ETF approval for top altcoins such as Solana (SOL) and XRP.
*This is not investment advice.