TL;DR
- Canary Capital adjusted the fees for its proposed XRP and Solana ETFs (with staking), setting a commission of 50%.
- The filing of amendments suggests the asset manager is one step away from obtaining SEC approval.
- The SEC’s final decision could be delayed due to the US government shutdown, despite the already approved listing standards.
The U.S. Securities and Exchange Commission (SEC) is reportedly close to approving Canary Capital’s spot Exchange-Traded Funds (ETFs) for XRP and Solana. The asset manager recently filed amendments to its registration statements, adjusting key terms despite the regulatory uncertainties generated by the impending U.S. federal government shutdown.
The corrections were submitted for the Canary XRP ETF and the Canary Marinade SOL ETF (which includes staking). The main highlight was the disclosure of a management fee (expense ratio). For both products, Canary Capital set a commission of 0.50%.
This fee is positioned as a key element in Canary Capital’s strategy. In the case of the Solana ETF with staking (Canary Marinade SOL ETF), the manager chose not to include a portion of the Solana staking rewards in the calculation of its fee, a structure that differs from the proposal by competitors like Bitwise, which set a 0.20% fee for its own Solana staking ETF.
ETF analysts affirm that the filing of Amendment No. 6 by Canary Capital indicates the proximity to a resolution. Historically, adjusting fees and finalizing details in registration statements are the last steps before the SEC issues a definitive decision.
The Impact of Government Uncertainty
The possible U.S. federal government shutdown has complicated the approval process. In fact, “non-essential” SEC functions were suspended last week. Although the SEC has already approved new generic listing standards that could accelerate the green light for dozens of crypto ETFs (including proposals for Solana XRP Canary Capital ETFs), the shutdown could delay the final decision.
Sources close to the SEC suggest the agency might opt to approve batches of single-product crypto ETFs in late October and November, once the government reopens. This timing is fundamental, especially considering that President Donald Trump recently appointed Paul Atkins, a regulator with a more crypto-friendly stance, to lead the SEC, injecting optimism into the market regarding the approval of these financial products.
