Canada beats US to launch first spot XRP ETF amid Ripple-SEC legal pause

Ripple Labs and the US Securities and Exchange Commission (SEC) have jointly asked the Second Circuit Court to extend the suspension of the agency’s appeal.

According to a June 16 court filing, both parties are pushing to delay the appeal to avoid further litigation following their previous settlement.

This request follows an earlier effort to amend the final judgment in the case, which Judge Analisa Torres rejected. The court ruled the request lacked the “exceptional circumstances” needed to alter a final ruling.

In response, Ripple and the SEC submitted a revised motion to suspend the ongoing appeal. Notably, the SEC had filed the original appeal in October 2024, under then-Chair Gary Gensler, to challenge a court ruling that largely favored Ripple.

However, both sides reached a preliminary agreement in April 2025 and asked the court to suspend the appeal temporarily.

Although the court has yet to grant the extension, the SEC has pledged to submit a progress update by August.

Canada gets spot XRP ETF

While legal proceedings continue in the US, Canada is making history with the continent’s first approved spot XRP exchange-traded fund (ETF).

According to a press statement, Purpose Investments, a Toronto-based asset manager, will list the Purpose XRP ETF on June 18 under the XRPP ticker. Purpose was also the first issuer of a spot Bitcoin ETF in Canada.

The XRP-focused product will trade on the Toronto Stock Exchange and provide investors with regulated access to the digital asset.

According to the statement:

“The ETF will be available in CAD-hedged (ticker XRPP), CAD non-hedged (ticker XRPP.B), and US dollar (ticker XRPP.U) units, and will be eligible for holding in registered accounts such as TFSAs and RRSPs.”

This milestone comes as several US-based firms like Grayscale await the SEC’s decisions on their XRP ETF proposals.

Market observers believe that the chances of the SEC approving a spot XRP ETF are high this year. This is evidenced by crypto bettors on the decentralized marketplace Polymarket, who believe there is an 88% chance of approval.

These developments did not immediately impact the XRP price, up by a modest 1.4% to $2.22 as of press time, according to CryptoSlate’s data.

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