- Western Union selects Solana over Ripple, indicating changing institutional trust in faster blockchain settlements.
- Canary Capital updates its XRP ETF filing, aiming for a November 13 launch pending Nasdaq’s approval process.
- Lawmakers in Washington accelerate bipartisan talks to finalize a crypto market structure bill before Thanksgiving.
Solana’s lead in the crypto ETF race is expanding rapidly, while XRP may soon enter the spotlight. Western Union recently chose Solana over Ripple’s technology to power its settlement network, ending nearly a decade of Ripple-based testing.
According to CryptosRus, the payments firm’s decision shows growing institutional interest in Solana’s blockchain for real-time settlement. Meanwhile, new Solana spot ETFs from Bitwise and Grayscale have already drawn $200 million in inflows within four days — marking 2025’s biggest ETF debut.
XRP ETF Countdown Begins
Canary Capital’s XRP spot ETF could be the next crypto product to reach Wall Street. The firm quietly updated its S-1 filing on October 24, removing the “delaying amendment” that lets the SEC control activation timing.
This change enables the ETF to automatically take effect 20 days after filing under Section 8(a) of the Securities Act of 1933. The move positions Canary for a potential November 13 launch, pending Nasdaq’s approval of its Form 8-A.
This same method was used by Bitwise and Canary to list their Solana, Hedera, and Litecoin ETFs earlier this week. According to Bloomberg, these filings rely on the statutory waiting period that allows listings even as the SEC operates with limited staff during the government shutdown. ETF analysts say this has accelerated competition, as firms aim to bring their products to market before the SEC resumes normal operations.
Race Among Issuers Intensifies
Several major issuers, including Fidelity, VanEck, and Grayscale, have now updated their Solana ETF filings using the same approach. Each aims to capitalize on the temporary procedural window allowing faster approvals.
If Nasdaq clears the application, Canary’s XRP ETF could debut before rivals such as Bitwise, Franklin Templeton, and 21Shares, all of which have yet to modify their filings. However, a government reopening could affect this timing. If SEC staff return and request revisions, the launch might be delayed beyond mid-November.
Lawmakers Accelerate Market Structure Talks
As ETF activity builds, Washington is also stepping up efforts to finalize a market structure bill. Bipartisan negotiations are advancing within the Senate Banking and Agriculture Committees after last week’s industry roundtables.
According to Crypto In America, lawmakers are targeting a markup before Thanksgiving, with senators John Boozman and Cory Booker expected to unveil new draft text soon. Encouragement from Senate Minority Leader Chuck Schumer and Trump’s Crypto and AI Czar David Sacks has further energized the process, keeping the legislative focus on clearing a path for crypto oversight.
