Canada Approves First Spot XRP ETFs While U.S. Still Delays

Canadian regulators are more forward in greenlighting several spot XRP ETF applications in the country. Meanwhile, the United States Securities and Exchange Commission (SEC) is still hesitant to make decisions.

On June 18, Canadian firms 3iQ Corp and Purpose Investments announced the launch of the country’s first spot XRP exchange-traded funds (ETFs). These ETFs provide investors with regulated exposure to the digital asset.

3iQ’s XRP ETF Hits TSX with Zero Fees

3iQ Corp, a crypto investment firm, announced the launch of its spot XRP ETF under the ticker XRPQ. The crypto investment fund is now trading live on the Toronto Stock Exchange. The ETF is set to give investors a safe and regulated way to invest in XRP. 

To encourage early interest, 3iQ is offering no management fees for the first six months. In a press release, the company said XRPQ will hold long-term investments in XRP sourced from trusted digital asset trading platforms and OTC counterparties.

The XRP will be stored in standalone cold wallets, ensuring high security. Pascal St-Jean, President and CEO of 3iQ, said the launch marks an essential step in offering investors secure and cost-effective access to digital assets. 

He pointed out XRP’s strong performance over the past ten years and described the fund as a transparent, low-cost, and tax-efficient investment option for Canadian and international investors.

Purpose Investments Launches XRPP ETF

Another major Canadian financial firm, Purpose Investments, entered the market with its spot XRP ETF, trading under the ticker XRPP. This move expands the company’s growing portfolio of crypto-based ETFs.

In a recent statement, Paul Pincente, VP of Digital Assets at Purpose Investments, said the XRPP ETF makes it easy to invest in XRP. The digital asset is widely known for its fast and low-cost global payments. 

Pincente said the investment fund offers a safe way to invest in this valuable digital asset. Vlad Tasevski, Chief Innovation Officer, added that many Canadian investors seek simple, secure ways to invest in crypto. 

He added that XRP has been one of the most popular choices among them.

U.S. Continues to Stall on Spot XRP ETFs

In contrast to Canada’s swift action, the U.S. SEC continues to delay rulings on several spot XRP ETF applications. Most 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 submitted by the Chicago Board Options Exchange (CBOE). The delays highlight the unclear state of crypto rules in the U.S. 

Investors and fund managers are still waiting for more guidance and approval dates. Brazil approved the world’s first spot XRP ETF in April, and many thought the U.S. would be next. Instead, Canada has moved ahead, with two XRP ETFs now trading on its stock exchange.

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