Crypto In America XRP ETF Record Launch | Coinbase Heads South | Senate Ag Bill Buzz
Nov 14, 2025
Paul Grewal, Chief Legal Officer of Coinbase, delves into their strategic shift from Delaware to Texas, highlighting the state's new appeal for crypto innovators. Steve McClurg, CEO of Canary Capital, celebrates the groundbreaking launch of the first XRP spot ETF, sharing insights on its record-breaking volume and operational hurdles. Meanwhile, Cody Carbone, CEO of the Digital Chamber, discusses the Senate Agriculture Committee’s market structure draft, emphasizing the need for bipartisan cooperation to overcome legislative challenges.
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Reengage Lawmakers Now The Shutdown Ended
- Expect regulatory work to accelerate now the shutdown ended and staff resume full operations.
- Industry should re-engage lawmakers quickly to maintain momentum for market-structure progress.
In-Kind Creations Drove Big Inflows
- Steve McClurg explained many inflows arrived via in-kind creations that don't show as exchange volume.
- APs and broker in-kind trades moved XRP into the ETF directly, boosting inflows without matching trading volume.
Shutdown Shifted Filing Strategy
- The government shutdown changed filing timing but didn't stop issuers from pushing new ETFs.
- Canary used no-action/no-delay windows to file and reach market despite staffing uncertainty.