Coinbase Chief Legal Officer, Paul Grewal, has reiterated the need for regulatory clarity in the United States following Canada’s launch of a spot XRP ETF.
Speaking in a tweet on Wednesday, Grewal expressed his dissatisfaction with the United States’ slow adoption of cryptocurrency innovation compared to other countries. Specifically, he referenced Canada’s recent launch of an XRP spot exchange-traded fund yesterday, another traditional investment fund the North American country is debuting before the US.
Canada Beats the US, Again
Recall that Canada saw the world’s first Bitcoin spot ETF in February 2021. The Ontario Securities Commission (OSC) approved the Purpose Bitcoin ETF on the aforementioned date, with asset manager Purpose Investments becoming the first to offer such a traditional investment product, giving indirect exposure to the largest cryptocurrency by market cap.
Meanwhile, the US Securities and Exchange Commission approved a Bitcoin spot ETF almost three years later than Canada. The products launched in January 2024, with BlackRock’s involvement and Grayscale’s persistence forcing Gary Gensler’s hand.
Again, Canada has outpaced the US again by launching an XRP ETF, to Grewal’s dissatisfaction. The Coinbase CLO emphasized the need for the United States to “catch up” and set a clear regulatory framework for digital assets in the country.
Remarkably, the United States, under its current leadership, has made significant progress in adopting cryptocurrency. The first major crypto regulation in the GENIUS Act passed the Senate on Tuesday, marking a notable milestone.
Now, Grewal has urged the hasty approval of the crypto market structure bill, a legislation seeking to create a clear regulatory framework for digital assets in the US. The bill, also known as the Clarity Act, recently advanced from the House Agriculture and Financial Services Commission amid bipartisan support.
Spot XRP ETFs Begin Trading in Canada
The Purpose XRP ETF launched on the Toronto Stock Exchange on Wednesday, as institutional interest in XRP begins to pick up. Notably, it is not the first of its kind in the world, as Brazil’s Hashdex had previously debuted a similar product.
Interestingly, another XRP spot ETF also launched on the same day. Canadian asset manager 3iQ Corp. debuted the 3iQ XRP spot ETF on Wednesday, which is still listed on the Toronto Stock Exchange, providing retail and institutional investors with access to XRP without requiring direct ownership.
Meanwhile, cross-border payment giant Ripple also invested in 3iQ XRP ETF, although the specific amount remains undisclosed. This highlights the firm’s support for the fund that tracks the performance of XRP, the fourth-largest cryptocurrency by market capitalization.
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