Canada just did what the U.S. couldn’t

Genius or just late? The U.S. Senate passes a crypto bill while Canada launches the ETFs everyone wanted

Author

Cryptopolitan News
June 19, 2025 • Estimated Reading Time: 11 minutes

📬 Today’s Byte

• World’s first XRP spot ETFs launch in Canada

•ARK Invest Trims $97M in Circle Shares After 387% Rally. But Still Holds the Bag

• Senate Passes Landmark Crypto Bill: The GENIUS Act Moves Forward

• Market-Moving Headlines

📈 World’s first XRP spot ETFs launch in Canada

Two major Canadian firms 3iQ and Purpose Investments have launched the world’s first spot XRP ETFs, now trading on the Toronto Stock Exchange. For XRP holders, this marks a new era. For global investors, it’s another signal that real-world crypto access is quietly going mainstream.

Both ETFs: XRPQ (from 3iQ) and XRPP (from Purpose) offer regulated, exchange-listed exposure to XRP, backed by secure custody and built to fit inside retirement and investment accounts.

But this isn’t just a finance product story. It’s a signal that the tide is turning for utility-first assets.

3iQ’s XRPQ is live

3iQ, the firm behind Canada’s popular Solana Staking ETF, has now launched XRPQ under the tickers TSX: XRPQ (CAD) and XRPQ.U (USD). The ETF charges 0% fees for the first six months, holds XRP in secure cold storage, and sources assets exclusively from trusted exchanges and OTC desks.

President Pascal St-Jean says the move gives Canadians (and qualified global investors) a low-cost, tax-efficient way to gain long-term exposure to XRP without dealing with crypto wallets or exchanges.

He believes XRP’s decade-long track record, fast settlement times, and near-zero fees make it ideal for institutional adoption.

“This is about building regulated bridges to real-world use cases like remittances, liquidity management, and enterprise finance,” said St-Jean.

3iQ is also riding high on momentum, its Solana ETF (SOLQ) is now the largest of its kind with $120M+ AUM, proving that demand for crypto-native assets within traditional wrappers is real.

Purpose investments joins in

Not to be outdone, Purpose Investments, known for launching the world’s first Bitcoin spot ETF in 2021 is joining the XRP party. Their fund, trading under the tickers XRPP, XRPP.B, and XRPP.U, begins trading June 18.

“This launch reinforces Canada’s leadership in responsible crypto innovation,” said Vlad Tasevski, Purpose’s Chief Innovation Officer. “As XRP gains real-world relevance, investors need trusted ways to access it.”

Like 3iQ, Purpose is waiving all management fees until early 2026, a bold move in a fee-driven market. All units are eligible for TFSA and RRSP accounts, making it easy for Canadian retail investors to enter the space through regulated channels.

Why does this matter?

  • Canada is years ahead of the U.S. in greenlighting crypto ETFs, from BTC to ETH, and now XRP.

  • It’s a milestone for XRP, which after years of legal battles and community tribalism, is finally gaining institutional validation.

  • Spot ETFs simplify crypto access for millions of traditional investors without wallets or custody risk.

  • The fee waivers suggest long-term confidence, not a short-term grab for AUM.

Beyond the headlines, both Purpose and 3iQ made it clear: this is about use case and infrastructure, not hype. XRP’s consistent 3–5 second settlement time, tiny fees, and growing regulatory clarity make it a real contender in global finance rails.

Zoom Out:

Canada is doing what the U.S. won’t (yet). And in doing so, it’s turning itself into the go-to market for launching regulated crypto ETFs. As XRP joins Bitcoin, Ethereum, and Solana on the TSX, the question isn’t if more assets will follow, but when.

There has been an update on the legal battle between Ripple and the US Securities and Exchange Commission (SEC). Reports have it that Ripple has filed a new letter in support of a joint motion asking the court for an indicative ruling.

📊 Market Watch:

ARK Invest Trims $97M in Circle Shares After 387% Rally. But Still Holds the Bag

Cathie Wood’s ARK Invest just offloaded nearly $97 million in Circle shares, right after the stablecoin issuer’s stock surged almost 400% in under three weeks.

The move came as Circle (CRCL) soared from its June 5 debut price of $31 to over $165 at its recent high. ARK used the spike to trim exposure across three of its ETFs but it’s not tapping out.

What happened:

  • $51.7M sold on Monday and $44.8M on Tuesday

  • 342,658 shares offloaded across ARKK, ARKW, and ARKF

  • ARK still holds over 4.15M Circle shares worth ~$628M (up from its original $373M investment)

The sell-off coincided with the Senate’s passage of the GENIUS Act, a bill establishing regulatory clarity for stablecoin issuers like Circle. CEO Jeremy Allaire praised the bill as a “genius” step toward long-awaited compliance guidance.

 Meanwhile, Circle stock closed Tuesday at $154, after hitting a high of $165.60 — cementing a 387% rally in less than a month. The momentum was too good for ARK not to take some profit off the table.

But the fund isn’t just selling, it’s rotating. ARK is now doubling down on AI:

  • Increased positions in AMD and TSMC

  • Trimmed Meta Platforms

  • Added more Nvidia and DoorDash

Even with a 50% rebound in its flagship ARKK ETF since April, trouble brews below the surface:

  • Short interest in ARKK hit a record 37% of float (S3 Partners)

  • Short sellers lost $300M in June alone

  • ARKK has seen $840M in outflows over the past five weeks

Analysts believe retail investors are pivoting to leveraged single-stock ETFs and crypto over broad thematic funds. And while ARK's moves appear tactical, it’s clear the market’s attention is shifting fast.

Bottom line:  ARK isn’t abandoning Circle, it’s rebalancing and the timing is spot on. 

TRM Labs released its 2025 crypto crime report, revealing that crypto-related criminal activities have reduced by 24% since 2023. While the cryptocurrency industry is awaiting regulatory clarity, the blockchain intelligence firm, TRM Labs, has released its yearly crypto crime report.

Regulation Watch

🇺🇸 Senate Passes Landmark Crypto Bill: The GENIUS Act Moves Forward

The U.S. Senate just passed the GENIUS Act, the first major crypto bill to clear the chamber. The vote came in at 68–30, with support from both Republicans and Democrats, a rare show of bipartisan agreement in today’s political climate.

The bill sets clear rules for stablecoins, aiming to bring some order to the fast-moving world of digital money. It’s also a win for the Trump administration, which has been pushing Congress to give crypto room to grow under U.S. law.

What’s in the GENIUS Act:

  • All stablecoins must be fully backed by U.S. dollars or other liquid assets

  • Any issuer worth more than $50 billion must go through an annual audit

  • The bill includes new standards for foreign-issued stablecoins

  • Big Tech companies like Meta and Amazon are blocked from launching stablecoins unless they meet strict safeguards

  • A special clause gives stablecoin holders first claim in bankruptcy cases

The Senate also added new language to stop large companies from using stablecoins to expand their control over digital payments. Lobbyists from big banks were also involved behind the scenes, asking lawmakers to limit non-bank firms from entering the space.

Some Democrats pushed back, raising concerns about how foreign issuers are treated and whether the bill does enough to prevent money laundering. There was also controversy when World Liberty Financial, a company linked to Trump allies, said it would launch its own stablecoin — raising red flags about conflicts of interest.

What’s next:

  • The bill now moves to the House of Representatives

  • The House already has its own stablecoin proposal, but many expect lawmakers to go with the Senate version to speed things up

  • Trump has asked for a crypto bill on his desk by August

His advisors say he’s ready to sign the GENIUS Act into law if it passes in its current form.

Why it matters:

This is a big step toward making crypto a regulated part of the U.S. financial system. If the House follows through, stablecoin rules will finally have legal teeth and that could open the door for more institutional growth in the space.

The global crypto market continues to tumble on Wednesday as escalating tensions in the Middle East prompted investors to flee riskier assets. The cumulative crypto market cap dropped by almost 2% over the last day to stand at $3.26 trillion.

Market-moving headlines 🔥

UK inflation held steady at 3.4% in May, matching economist forecasts, based on figures published Wednesday by the Office for National Statistics. 

The number was identical to the revised estimate for April, which had originally been reported as 3.5% before the ONS admitted there was a miscalculation due to vehicle tax data.

Iran is now almost completely offline. Only 3% of the country is still connected to the internet. That’s based on real-time data from NetBlocks, which shows connectivity starting plummeting Monday this week under direct orders from the Iranian regime.

Apple has successfully persuaded a US appeals court for the Federal Circuit to overturn a $300 million jury verdict that found the company had infringed wireless standard-essential patents owned by Optis Wireless Technology.

Crypto users, influencers, and new traders were psyched about using Binance Alpha to unlock benefits, but the $ZKJ and $KOGE tokens experienced dramatic price swings that triggered mass liquidations. 

Join the Conversation!

We'd love to hear your thoughts and comments. Join our community and stay updated with the latest trends and discussions in crypto.

Twitter: @CPOfficialtx

Telegram Channel: @CryptopolitanOfficial