Which regulator must approve XRPC?

TLDR

The U.S. Securities and Exchange Commission (SEC) is the regulator that must approve XRPCs registration before trading begins, via effectiveness of its S?1 filing and listing registration. SEC

1. Nasdaq certifies the listing but is not a regulator; the SEC must let the S?1 go effective. S?1 effectiveness
2. DTCC/DTC eligibility is operational clearance, not regulatory approval. DTCC eligibility

Deep Dive

1. SEC Approval

XRPC (the Canary Capital spot XRP ETF) follows a two?step SEC pathway: Form 8?A for listing registration and an S?1 that must be declared effective for shares to be issued. The SECs Section 8(a) auto?effectiveness can apply to listings, but trading still hinges on S?1 effectiveness and the daily list publication. SEC and S?1 process

Reports on the launch detail this sequencing, including use of the 8?A and the 20?day window for automatic listing effectiveness unless the SEC objects. Section 8(a) window

2. Exchange and DTCC Steps

Nasdaqs certification confirms the venue will list XRPC and is a critical operational step, but it is separate from SEC regulatory approval. Market watchers highlighted Nasdaqs certification ahead of trading. Nasdaq certification

DTCC/DTC eligibility is required so creations and redemptions can settle electronically, but this clearance is procedural and often misinterpreted as approval. It does not replace SEC effectiveness. DTCC is operational

Conclusion

XRPCs regulator is the SEC, which must declare the S?1 effective; Nasdaqs certification and DTCC eligibility are necessary logistics but not approvals. In practice, trading begins only when SEC effectiveness, exchange listing, and settlement readiness all line up.