Canary XRP Trust Flies into SEC's Approval Gauntlet
Published Date: 5/29/2025
Notice
Summary
The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the Canary XRP Trust, a new commodity-based investment product tied to XRP. This affects investors interested in trading these shares and could open up fresh opportunities in the crypto-related market. The SEC’s decision deadline is May 26, 2025, so stay tuned for potential new ways to invest!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
SEC Reviewing XRP Trust Listing
The SEC has started formal proceedings to decide whether Cboe BZX can list and trade shares of the Canary XRP Trust, and it must act by May 26, 2025. Interested persons can submit written comments by June 20, 2025 and rebuttals by July 3, 2025.
Shares Provide Direct XRP Exposure
The Canary XRP Trust would hold only XRP, cash, and cash equivalents and seeks to track XRP using the CoinDesk XRP USD CCIX 30min NY Rate; the Trust will value shares daily at 4:00 p.m. ET and redeem or sell shares in cash with authorized participants in blocks of 10,000 shares.
SEC Seeking Comments on Fraud Risks
The Commission is specifically asking whether listing the Trust, which would hold XRP, is designed to prevent fraudulent and manipulative acts and whether it raises any new or novel concerns under Section 6(b)(5) of the Securities Exchange Act.
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