Canary Capital Advances Toward SEC Approval on XRP and Solana ETFs Amid Government Shutdown

As the U.S. government faces a paralyzing shutdown, Canary Capital is quietly positioning itself for a landmark moment in crypto finance. The firm has submitted fresh amendments for its XRP and Solana (SOL) exchange-traded funds, cutting sponsor fees to 0.50% as it moves closer to potential approval by the Securities and Exchange Commission (SEC). The timing, however, could hardly be more uncertain, as the SEC’s operations slow under the weight of federal disruption.

The revised filings, lodged late Friday, suggest Canary is entering the final stretch of regulatory review. While the shutdown clouds the timeline, the firm’s strategy appears deliberate: lowering costs to align with emerging market norms and to show readiness for the next stage of crypto ETF authorization. It is a tactical gesture toward compliance and investor confidence at a moment when both are in short supply.

For the XRP ETF, the update marks a clear shift from the company’s earlier 0.95% fee, used in its HBAR and Litecoin products. No new mechanisms were introduced, only a cost adjustment—an indication that Canary prefers refinement over reinvention. Analysts suggest the lower fee could make the XRP product a more credible contender under the SEC’s evolving framework. Yet with no fixed deadlines for registration statements and the SEC’s bandwidth constrained by the shutdown, the approval process remains suspended in uncertainty.

Meanwhile, the amendment for the Marinade SOL ETF mirrors the same 0.50% sponsor fee but retains all staking rewards for investors, a decision that sets it apart from rivals. Bloomberg’s Eric Balchunas noted that Canary’s submission “keeps 100% of Solana staking yields intact,” contrasting with competitors that propose partial reward cuts or lower returns. This approach could appeal to institutional investors seeking predictable yields and transparent structures in the volatile world of digital assets.

The company’s consistent design across both products—equal fees, preserved staking rewards, and compliance-focused filings—reflects its belief that both ETFs are nearing readiness for market. Canary is effectively building in parallel, preparing to move the XRP and Solana funds forward once the SEC resumes full operation.

Earlier this year, the SEC approved new generic listing standards allowing spot crypto ETFs to list without separate exchange filings, potentially shortening approval timelines to 75 days. Canary’s revisions fall squarely within that regime, positioning the firm to benefit once regulatory activity restarts. Still, the government shutdown has already delayed multiple crypto ETF reviews, freezing a key moment for the industry.

Analysts expect that once the SEC reopens, it may approve several single-asset crypto ETFs simultaneously—a wave that Canary’s XRP and SOL filings are well placed to catch. For now, the firm’s patience, precision, and timing stand as its strongest assets in a market suspended between anticipation and regulation.