Isabella García
Canary Capital is edging closer to U.S. Securities and Exchange Commission (SEC) approval for its highly anticipated XRP and Solana (SOL) exchange-traded funds, marking a key milestone in the next wave of crypto ETF launches.
On Friday, the firm submitted updated registration statements for both the Canary Marinade Solana ETF, which includes staking functionality, and the Canary XRP ETF.
In the filings, Canary disclosed a 0.50% management fee for both products — a notable reduction compared to the 0.95% sponsor fee previously listed for its HBAR and Litecoin (LTC) ETFs.
Bloomberg Senior ETF Analyst Eric Balchunas commented on X (formerly Twitter):
“Canary just filed Amendment #6 — that’s how close we are — for their spot Solana ETF with a 0.50% expense ratio but no cut of the staking rewards.”
Earlier this week, Bitwise revealed that its Solana Staking ETF will carry a 0.20% fee, setting off a competitive wave of fee adjustments among issuers.
SEC’s Shifting Stance Fuels Crypto ETF Momentum
Several asset managers are now awaiting SEC approval for a variety of crypto ETFs, including those tracking Dogecoin (DOGE) and Litecoin (LTC).
The filings come amid growing optimism surrounding a friendlier regulatory environment. Since President Donald Trump appointed Paul Atkins, a known crypto advocate, to head the SEC, the agency has begun taking tangible steps toward clearer digital asset rules and streamlined ETF listing standards.
These new listing standards outline specific requirements for token-based ETFs to be listed on regulated exchanges — effectively bypassing the lengthy 19b-4 review process. This change is expected to accelerate ETF approvals and allow dozens of crypto products to launch within weeks instead of months.
Regulatory Uncertainty Amid Government Shutdown
Despite the progress, some uncertainty remains. The U.S. government shutdown last week has delayed several ETF review deadlines, including those for SOL and LTC products.
It’s unclear how the SEC will proceed once the government resumes normal operations. According to a source quoted by PRIME, the agency may opt to approve multiple single-asset crypto ETFs simultaneously later this month or in early November.
For now, attention has shifted from the 19b-4 filings to the registration statements, which do not have set review timelines, leaving issuers waiting for the SEC’s next move.
