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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Previous / Next Documents
Previous: 2025-09630 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Bitwise XRP ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is deciding whether to approve the Bitwise XRP ETF to be traded on the Cboe BZX Exchange. This affects investors interested in cryptocurrency ETFs and could open new trading opportunities soon. The decision deadline is May 25, 2025, and if approved, it could impact how people invest in XRP through a regulated exchange.
Next: 2025-09632 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To List and Trade Shares of the Canary Staked TRX ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The Cboe BZX Exchange wants to start trading shares of the Canary Staked TRX ETF, a new fund tied to the cryptocurrency TRX. This change affects investors looking for fresh ways to invest in crypto through the stock market, with trading expected to begin soon after SEC approval. It’s a cool new option that could shake up how people invest in digital assets, possibly impacting money flows in the crypto and ETF markets.