Investment firm Canary Capital has made a strategic move in its race to launch an exchange-traded fund (ETF) based on Ripple's cryptocurrency XRP, removing so-called “delay amendments” from its updated S-1 filing.
this step Points out that the ETF release date may be November 13thJournalist Eleanor Tellet revealed that the deal is subject to Nasdaq's approval of the 8-A presentation.
The purpose of removing the delay clause is to ensure that S-1 registrations become effective automatically. this, No manual approval required Directly from the U.S. Securities and Exchange Commission (SEC).
Traditionally, delayed amendments have allowed the SEC to control when registrations become effective.
This strategy is not unprecedented for Canary Capital. The company adopted a similar strategy this week when it sought to launch an ETF for the cryptocurrencies Litecoin (LTC) and Hedera (HBAR), a move reported by CriptoNoticias.
The strategy is This means that it includes a provision that automatically becomes effective 20 days after the S-1 is filed. amended and designed to avoid explicit intervention by the SEC. Securities law allows an amended S-1 to become effective automatically if the authorities do not take action within a specified period.
Terret explained that approval is dependent on Nasdaq greenlighting the 8-A application. But she said a full reopening of the government and Schedule may change once SEC operations fully resume.. This could result in an earlier date if the application is deemed complete to the SEC's satisfaction, or a later date if agency staff proposes additional comments or requests.
