Canadian regulators have approved the launch of several spot XRP ETFs, contrasting with the approach of U.S. regulators, who continue to delay decisions on similar applications.
3iQ Launches XRP ETF
On June 18, crypto investment firm 3iQ Corp announced the launch of the first spot XRP ETF under the ticker XRPQ. The fund is now trading on the Toronto Stock Exchange, providing investors with a regulated way to invest in XRP. To encourage initial interest, 3iQ is offering zero management fees for the first six months. The company stated that XRPQ will hold long-term investments in XRP sourced from trusted trading platforms and OTC counterparties. XRP will be stored in standalone cold wallets for security. 3iQ President and CEO Pascal St-Jean noted that the launch marks a critical step in providing investors access to digital assets.
Purpose Investments XRPP ETF
Purpose Investments has also launched a spot XRP ETF trading under the ticker XRPP, expanding its portfolio of crypto-based ETFs. In a recent statement, Paul Pincente, VP of Digital Assets at Purpose Investments, noted that the XRPP ETF simplifies investing in XRP, known for its fast and low-cost global payments. Vlad Tasevski, Chief Innovation Officer, added that many Canadian investors seek straightforward and secure ways to invest in cryptocurrency.
U.S. Status on XRP ETFs
In contrast to Canada’s swift action, the U.S. SEC continues to delay rulings on several spot XRP ETF applications. Recently, the regulatory agency postponed its decision on Franklin Templeton’s application. However, the agency did open a window for public comments on a proposal by the Chicago Board Options Exchange (CBOE). These delays highlight the unclear state of crypto regulations in the U.S. Investors and fund managers are still waiting for further guidelines and approval dates.
Thus, the launch of spot XRP ETFs in Canada demonstrates a progressive approach to regulating the cryptocurrency market, while the U.S. continues to face uncertainty. Investors in both countries should closely monitor developments.
