Canary Likely to Hit Pause on New ETF Filings After Launching XRP
The firm’s CEO says it has ‘filed everything that falls under the generic listing standards’ as SEC approval barriers remain high.
Updated Nov 14, 2025, 6:21 p.m. Published Nov 14, 2025, 4:11 p.m.
Canary Capital will likely hit pause on new crypto exchange-traded fund (ETF) filings for the remainder of the year, with CEO Steve McClurg saying the firm has already submitted applications for every token currently eligible under existing regulatory guidelines.
Speaking in an interview with CoinDesk, McClurg said the XRP ETF launched this week and a pending Solana SOL$140.55 product round out the company’s current slate.
“After that, we will have filed everything that falls under the generic listing standards,” McClurg said, referring to the SEC’s framework that allows certain crypto-backed exchange-traded funds to move forward without lengthy review processes.
Under these standards, a crypto asset must meet criteria like having a futures market that has traded for more than six months. That bar leaves only a short list of assets Canary believes can currently qualify.
McClurg noted that the firm will now shift its focus toward managing existing products and awaiting changes in how the Securities and Exchange Commission treats crypto ETFs. For any new launches, “we’re just waiting for them to qualify, either under generics or via a 19b-4 approval,” he said, referencing a separate, more involved process for ETF authorization.
On Thursday, Canary brought the first spot XRP ETF to the market, which debuted with $58 million in trading volume, making it one of the most successful ETF launches this year, according to Bloomberg’s ETF analyst Eric Balchunas.
McClurg believes the XRP fund could outperform its Solana counterparts, which launched earlier this month, as the XRP network is more familiar to traditional finance players than Solana, which is more embedded in the crypto-native ecosystem, he said.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
More For You
Protocol Research: GoPlus Security
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Slides Below $95K in Worst Week Since March; Analyst Sets Downside Target at $84K
BTC has tumbled nearly 9% this week, while ETH, SOL declined even further and XRP outperformed.
What to know:
- Bitcoin was at session lows late in the U.S. trading day Friday, sliding below $95,000.
- The market downturn attributed to “information vacuum” and diminishing expectations of Fed rate cut, analysts said.
- The breakdown puts $84,000 level as next downside target, Ledn’s CIO said.
