Canary Capital is preparing to halt additional crypto ETF submissions for the rest of the year, as regulatory constraints leave few eligible assets remaining. CEO Steve McClurg said the firm has already filed applications for every token that meets the SEC’s current requirements.
In an interview with CoinDesk, McClurg noted that this week’s launch of Canary’s spot XRP ETF, along with a pending Solana ETF, effectively completes the roster of products the firm can pursue under existing “generic listing standards.”
“With Solana, we’ll have submitted everything that qualifies under the generics,” McClurg said, referencing the SEC framework that allows certain crypto-backed ETFs to move forward without an extended approval process. Only tokens with a futures market operating for at least six months are eligible—a threshold that limits the universe of potential products.
McClurg said the firm’s focus will now shift to managing its current lineup and waiting for the SEC’s stance on crypto ETFs to evolve. Any new filings will depend on whether additional assets become eligible under the generic criteria or can obtain authorization through the more rigorous 19b-4 pathway.
Canary’s newly launched spot XRP ETF debuted Thursday with $58 million in trading volume, ranking among the year’s most successful ETF debuts, according to Bloomberg analyst Eric Balchunas.
McClurg added that he anticipates the XRP ETF will draw broader interest than the Solana products introduced earlier this month, arguing that XRP’s network is more familiar to traditional finance institutions, while Solana remains more oriented toward crypto-native users.
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