Canary Capital appears set to pause additional crypto ETF filings for the rest of the year, with CEO Steve McClurg saying the firm has already submitted applications for every asset that qualifies under the SEC’s current rules.
In an interview with CoinDesk, McClurg said the firm’s spot XRP ETF—launched this week—along with an upcoming Solana ETF, completes the lineup of tokens that meet the regulator’s “generic listing standards.”
“With Solana, we’ll have everything that qualifies under the generics already filed,” McClurg explained, referencing the SEC framework that allows certain crypto ETFs to be listed without undergoing an extensive review. To meet these standards, a crypto asset must have a futures market active for at least six months, leaving only a few tokens eligible.
With no other assets meeting the criteria, McClurg said Canary will shift its attention toward managing its existing ETFs while waiting for shifts in the SEC’s approach to crypto products. Any future launches, he added, will depend on new assets becoming eligible under the generic rules or obtaining approval via the more complex 19b-4 process.
Canary’s new spot XRP ETF made a strong market debut on Thursday, generating $58 million in first-day trading volume—ranking among the most successful ETF launches of the year, according to Bloomberg analyst Eric Balchunas.
McClurg noted that he expects the XRP ETF to attract broader institutional interest than the Solana ETFs launched earlier this month, as XRP’s network is more familiar to traditional finance participants, whereas Solana caters more to crypto-native users.
