Canary Capital expects to pause its push for new crypto ETFs through year-end, with CEO Steve McClurg saying the firm has already filed for every asset that currently fits within the SEC’s allowable criteria.
Speaking with CoinDesk, McClurg said the company’s newly launched spot XRP ETF, along with an upcoming Solana product, completes the list of tokens that meet the regulator’s “generic listing standards.”
“Once the Solana filing is in, we’ll have covered everything that qualifies under the generic rules,” he said, referring to the SEC framework that lets certain crypto ETFs advance without extended scrutiny. Only assets with a futures market trading for at least six months can qualify, leaving only a short list of candidates.
With no additional tokens currently eligible, McClurg said Canary will shift its focus to managing existing funds and waiting to see whether the SEC adjusts its approach to crypto ETFs. Any future products, he added, will depend on new assets becoming eligible under the generic standards or progressing through the more involved 19b-4 approval track.
On Thursday, Canary launched the first spot XRP ETF in the U.S., which opened with $58 million in trading volume—one of the strongest ETF debuts this year, according to Bloomberg’s Eric Balchunas.
McClurg said he expects the XRP ETF to generate more traditional finance interest than the Solana ETFs released earlier this month, noting that XRP’s network is more widely recognized in institutional circles, whereas Solana remains more oriented toward crypto-native users.
