Canary Capital is likely to suspend new crypto exchange-traded fund (ETF) applications for the rest of the year, with CEO Steve McClurg saying the company has already submitted applications for all tokens that are currently eligible under existing regulatory guidelines.
In an interview with CoinDesk, McClurg talked about the XRP ETF that launched this week and the pending Solana. sol$143.68 This product completes the company’s current plans.
“Then anything that falls under the general listing criteria will be submitted,” McClurg said, referring to the SEC’s framework that allows exchange-traded funds backed by certain cryptocurrencies to proceed without a lengthy review process.
Under these criteria, cryptoassets must meet criteria such as having a futures market that has been traded for more than six months. This bar leaves only a short list of assets that Canary currently considers eligible.
McClurg said the company will now shift its focus to managing existing products and await changes in how the Securities and Exchange Commission treats crypto ETFs. New launches are “just waiting for generic drugs or 19b-4 approval to qualify,” he said, referring to a different, more complicated process for ETF approval.
Canary brought its first spot XRP ETF to market on Thursday, debuting with $58 million in volume, making it one of the most successful ETF launches of the year, according to Bloomberg ETF analyst Eric Balchunas.
McClurg said he believes the XRP fund has the potential to outperform Solana’s fund, which launched earlier this month, because the XRP network is more familiar to traditional financial players than Solana, which is more deeply embedded in the crypto-native ecosystem.
