The U.S. Securities and Exchange Commission (SEC) has acknowledged a spot XRP ETF filing from Cboe BZX Exchange on behalf of Canary Capital, marking a key step in the cryptocurrency ETF landscape.

This acknowledgment begins the formal review process, which will determine whether the proposed ETF gains regulatory approval.

The SEC's procedure following the acknowledgment involves a public comment period, which is set to commence 21 days after the filing's publication in the Federal Register. This period allows for public input before the SEC makes a decision on the proposal, which can include approval, disapproval, or the initiation of proceedings for further examination.

The submission of a 19b-4 form to the SEC is the second phase in the two-part process required for proposing a crypto ETF. Once the SEC acknowledges this filing, it is officially recorded in the Federal Register, thus starting the SEC's formal approval process.

Canary Capital's spot XRP ETF filing is not the first of its kind to be acknowledged by the SEC. The regulatory agency has previously recognized similar filings from 21Shares, Bitwise, Grayscale, and CoinShares. Additionally, Canary Capital has had a Litecoin ETF filing acknowledged by the SEC.

The SEC's acknowledgment of Canary Capital's filing comes in the wake of last year's approval of spot Bitcoin ETFs and spot Ethereum ETFs.

Following these approvals, the market has seen a surge in spot crypto ETF filings, particularly as the current administration has shown a more crypto-friendly stance.

The establishment of a new crypto task force, led by Republican SEC Commissioner Hester Peirce, aims to clarify the regulatory status of various crypto assets and set priorities for the industry moving forward.

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