Canary updates XRP ETF filing, removes SEC delay clause, and targets automatic approval with possible launch on November 13.

Canary Funds has updated its XRP ETF registration, removing the clause that allowed the U.S. SEC to delay its effectiveness. 

This move sets the stage for a possible automatic approval under Section 8(a) of the Securities Act of 1933, with a potential listing on November 13, 2025. The updated filing reflects the increasing institutional interest in XRP-based financial products.

Canary Aims for Auto-Approval With New Filing

The removal of the SEC delay clause means the XRP ETF could automatically become effective if no comments or objections are raised.

This change shifts the approval process away from discretionary SEC timelines and allows a clearer path to launch. It also gives Canary more control over the timing of its product.

Eleanor Terrett of FOX Business reported that the filing positions the ETF for a November 13 launch date. The exact date depends on Nasdaq’s approval of the listing. If there is no intervention from the SEC within 20 days, the ETF becomes effective under existing securities law.

🚨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives the @SECGov control over timing.

This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the… pic.twitter.com/MKvEN23t5P

— Eleanor Terrett (@EleanorTerrett) October 30, 2025

The move comes at a time when many issuers are exploring auto-effective strategies to avoid long review periods. A partial government shutdown has contributed to processing delays at the SEC. Canary’s approach offers a workaround that accelerates ETF timelines without skipping compliance.

ETF to Track CoinDesk Rate and Use Trusted Custodians

According to the updated prospectus, the ETF will track the CoinDesk XRP CCIXber Reference Rate. This rate reflects the aggregated trading activity of XRP across leading exchanges. It ensures price accuracy and consistent valuation for investors using the ETF.

Canary’s filing confirms that Gemini Trust Company and BitGo Trust Company will serve as the ETF’s custodians. These companies are well-known for providing secure storage and regulatory-compliant custody services for digital assets. Their involvement adds operational stability to the proposed product.

The ETF has also been listed on the Depository Trust & Clearing Corporation (DTCC), indicating back-end infrastructure readiness. This allows institutional investors to transact efficiently, making the fund more accessible to large-scale participants in traditional finance.

Analysts Watch ETF Filing Strategy With Interest

Market analysts have described Canary’s move as a unique strategy that speeds up regulatory progress. Bloomberg’s Eric Balchunas noted that the filing lacked the usual back-and-forth discussions with the SEC. He called the strategy “worth a try” due to its direct nature and timing.

Interesting.. Altho XRP docs didn’t have the same comments back-and-forth with the SEC that Solana had. That was one reason issuers was felt they were ready. But hey, worth a try I guess.

— Eric Balchunas (@EricBalchunas) October 30, 2025

Other recent filings, including ETFs tied to Solana, Hedera, and Litecoin, have used similar methods. These products aim to benefit from regulatory gaps caused by administrative slowdowns. Canary’s filing fits into a broader trend of issuers seeking faster ETF rollouts.

Institutional interest in XRP continues to grow. T. Rowe Price recently filed for a broader crypto ETF that includes XRP among other assets. If successful, the Canary ETF would mark a key development for XRP-based investment products.