Canary Capital's TRX Staked ETF Filing Acknowledged by the SEC, While Other Crypto ETFs Get Delayed

The U.S. Securities and Exchange Commission acknowledged Canary Capital's filing for a staked exchange-traded fund based on Tron (TRX), while delaying its decision on approving

The U.S. Securities and Exchange Commission acknowledged on Thursday that Canary Capital had filed for a staked exchange-traded fund based on Tron (TRX), while also delaying its decision on approving several other crypto ETFs.

The commission uploaded a notice that a 19b-4 filing from Cboe BZX Exchange for a staked TRX ETF from Canary Capital was on Thursday.

"The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons and to present the opportunity to be heard on the proposal in accordance with 5 U.S.C. 553(c),” the SEC said in the notice.

Canary filed its registration statement for the stated ETF in April, with Bitgo as fund custodian. The company has filed ETFs tracking a number of other altcoins, including Sui, Hedera and Litecoin.

TRX is the native cryptocurrency of the Tron blockchain, which was founded by entrepreneur Justin Sun in 2017. The cryptocurrency holds a market capitalization of $26 billion and is currently the tenth-largest crypto, according to The Block's crypto price page.

Crypto ETF decisions delayed as expected

The commission also pushed back deadlines for several other crypto ETF proposals, including ones for Bitwise's spot XRP ETF, Coinshares' spot XRP ETF and spot Litecoin ETF, and Fidelity's in-kind bitcoin ETF filing, Bloomberg Intelligence ETF analyst James Seyffart said.

The SEC has been delaying and asking for comments for several crypto ETF proposals over the last few months as it weighs dozens of proposals, while it has also assumed a less adverse stance on cryptocurrencies.

The Trump administration has taken a less favorable stance on cryptocurrencies, which was highlighted earlier this year when the commission voted to reject several bitcoin ETFs in a 3-2 vote.

But despite the SEC deferring rulings on several crypto ETFs, and with several more crypto ETF proposals still pending, they are still expected to be seen later this year, Seyffart previously said in a post on X, formerly known as Twitter.

"If we're gonna see early approvals from the SEC on any of these assets - I wouldn't expect to see them until late June or early July at absolute earliest," Seyffart said. "More likely to be in early 4Q."

The analyst added that the SEC typically takes the full time to decide on ETF proposals until the deadline is near, where many crypto ETF filings have final due dates in the fourth quarter.

"Early decisions would [be an] action that's out of the norm. No matter how 'Crypto-friendly' this SEC is."