Canary Files has updated the registration of XRP and Solana ETFs and lowered the fees to 0.50%. The SEC’s crypto-friendly transition will expedite the approval of ETFs under the new listing standards. Once the U.S. government reopens, pending approval of crypto ETFs could be expedited.
Canary Capital is nearing approval from the U.S. Securities and Exchange Commission (SEC) for its proposed exchange-traded fund (ETF) to track XRP and Solana (SOL).
The company recently updated two registration statements, suggesting it may be nearing the final stages of the approval process amid changing regulatory sentiment toward digital assets under the current administration.
Canary updates XRP and Solana ETF application documents
The company on Friday submitted proposed amendments to the Canary Marinade SOL ETF and Canary XRP ETF that incorporate staking.
Both filings disclose a sponsor fee of 0.50%, which is a notable reduction from the 0.95% fee previously specified for the company’s HBAR and Litecoin ETFs.
Eric Balciunas, senior ETF analyst at Bloomberg, pointed to the significance of the application, writing on X (formerly Twitter) that Canary’s “6th amendment” (0.50% expense ratio but no reduction in staking fees) filed by Canary for the Spot Solana ETF indicates the application is close to approval.
References to “Amendment No. 6” usually indicate that the application process is in its final stages.
This fee adjustment was made amid intensifying competition among asset management companies in the emerging virtual currency ETF market.
Earlier this week, Bitwise revealed a 0.20% fee for its Solana staking ETF, putting pressure on other issuers to keep costs low pending regulatory approval.
Regulatory developments under the new administration
Canary’s filing arrives at a pivotal moment for the cryptocurrency industry.
Buoyed by what market participants describe as a more crypto-friendly regulatory environment, several companies have filed applications for ETFs tracking digital assets such as Dogecoin (DOGE) and Litecoin (LTC) over the past year.
The change follows the appointment of Paul Atkins, a known advocate of digital asset innovation, as SEC Chairman under President Donald Trump.
Under Atkins’ leadership, the agency took steps to provide clearer guidelines for the listing and trading of crypto-based investment products.
Among the most significant developments is the approval of new listing standards outlining the criteria for listing certain crypto ETFs on US exchanges.
The regulatory update could allow dozens of pending crypto ETF applications to begin without requiring separate approval under the SEC’s 19b-4 process, a procedural bottleneck that has previously slowed product rollouts.
This change could significantly shorten the timeline for ETFs like Canary’s XRP and Solana Funds to reach the market.
Awaiting SEC action amid government shutdown
Despite regulatory progress, uncertainty remains about how quickly the SEC can move forward, especially in the wake of the recent U.S. government shutdown.
Several ETF deadlines related to the 19b-4 process have already passed, including Solana and Litecoin products.
Sources cited by The Block said the SEC could consider bulk approval of single-product crypto ETFs in October and November, once the government resumes full-scale operations.
The current focus is on the registration statement, which, unlike a 19b-4 filing, does not have a strict schedule attached.
Canary Capital’s latest information suggests the company is well-positioned among the next wave of ETF issuers.
If approved, the company’s product could join the rapidly expanding lineup of crypto-linked ETFs that are slowly gaining regulatory acceptance in U.S. financial markets.
