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Cryptocurrency asset trading and management firm Canary Capital has lodged a registration statement with the SEC for an XRP XRP/USD exchange-traded fund (ETF), marking the second such filing this month.

What Happened: Canary Capital submitted the S-1 filing—a prerequisite for issuers to file to publicly offer new securities—on Tuesday.

The proposed Canary XRP ETF intended to provide direct exposure to the value of XRP held by the trust and allow investors the opportunity to access the market through a traditional brokerage account

Canary Capital didn’t immediately return Benzinga’s request for comment.

Why It Matters: Canary Capital’s move follows Bitwise Asset Management’s S-1 filing for an XRP ETF last week, which became the first company to attempt something of this sort in the U.S.

That said, the possibility of such an investment vehicle coming to fruition remains clouded by legal and regulatory uncertainties.

The Gary Gensler-led SEC is currently embroiled in a legal battle with Ripple Labs, alleging that the company generated billions through the sale of XRP, which it views as an unregistered security.

Price Action: At the time of writing, XRP was trading at 0.5335, up 0.72% in the last 24 hours, according to data from Benzinga Pro.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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