Cryptocurrency investment firm Canary Capital has submitted an XRP spot ETF application to the U.S. SEC

ChainCatcher news, according to The Block, cryptocurrency investment firm Canary Capital has submitted a registration application for a spot XRP exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC), becoming the second company to apply for such a product this month.

Canary Capital founder Steven McClurg stated that as the demand for blockchain solutions grows, the company sees a more progressive regulatory environment. The ETF will provide investors with the opportunity to access the XRP market through traditional brokerage accounts, avoiding the potential risks of directly holding XRP. The custodian for the ETF has not yet been determined.