The US SEC Has Officially Acknowledged Canary Capital's Stake in the Tron ETF Filing

This action represents a formal step in the regulatory process and brings renewed attention to crypto-related ETFs. The Tron ETF proposal includes exposure to TRX

The US SEC has officially acknowledged Canary Capital’s pending Tron ETF filing with Cboe BZX Exchange, marking a key stage in the regulatory process and bringing fresh attention to crypto-linked ETFs.

What Happened: The SEC has invited public comments on a rule change proposed by Cboe BZX, a subsidiary of the Chicago Board Options Exchange, in connection with an application for an ETF that provides an index of the Tron network’s cryptocurrency, TRX.

The ETF proposal, filed by Canary Capital, aims to track the price movements of TRX and deliver an efficient way to participate in the Tron network’s staking activity, all within a regulated framework.

The proposed fund will use a cash-only creation and redemption model and store TRX in cold wallets, with Bitgo serving as the custodian, ensuring the safekeeping and management of the crypto assets.

The filing also includes provisions designed to mitigate market manipulation and closely monitors the trades in the underlying TRX Spot market, similar to the surveillance strategies employed for previously approved crypto ETFs.

Cboe BZX submitted the 19b-4 form to the SEC on behalf of Canary Capital to begin the approval process for the ETF.

Now, the SEC has opened a period for public feedback on the proposed rule change, inviting comments from any interested party.

The SEC’s action does not necessarily mean the Commission will approve the ETF, but it does signal that the regulatory body is continuing to process crypto-related ETF proposals.

The SEC has also postponed decisions on several similar crypto ETF proposals, including those from 21Shares and Cathares in partnership with ARK Invest. On Wednesday, the SEC extended its review period for the 21Shares spot Ethereum ETF, which also includes staking, by three months.

This delay has sparked criticism from industry figures like Cathares CEO Jean-Marc Catullo, who pointed out the inconsistency in regulatory timelines for crypto asset products in the US market.

While the SEC quickly acknowledged the Tron ETF filing, Catullo noted that the period for reviewing the Cathares and ARK Invest’s application for an ETF based on the iFlows III Index Deep Linking (CRYPTO: ILF) token has already been extended several times.

The swift acknowledgment of the TRX ETF filing in contrast to the postponements of other crypto ETF proposals might indicate a shift in priorities within the SEC.

Top Gainers (Thursday)

Among the top gainers on Thursday, shares of Advanced Energy Industries (NASDAQ:AEIS) soared 10.4% after the company exceeded second-quarter earnings expectations and raised its full-year revenue outlook.

On the other hand, shares of FIG (NYSE:FIG) surged 11.3% following an upgrade by Goldman Sachs to "buy" from "neutral."

Among the notable movers, shares of Bed Bath & Beyond (NASDAQ:BBBY) continued their volatile run, this time plummeting 40.8% after the company announced plans to file for bankruptcy.

Also in the news, shares of Peloton (NASDAQ:PTON) dropped 9.1% despite the company reporting a smaller-than-expected loss for the fourth quarter.

Among the top ETF movers, the ARK Autonomous Technology & Robotics ETF (NYSE:ARKK) rose 1.1%, while the Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) increased by 0.3%.

Among the notable declines, shares of Kendall Square Realty Trust (NYSE:KRT) fell 2.6% despite the company reporting better-than-expected earnings and raising its dividend.

Among the macroeconomic indicators, the initial jobless claims report for the week ending Thursday, July 13, is due at 8:30 a.m. ET. Economists polled by Bloomberg are expecting a total of 240,000 claims, compared to 239,000 in the previous week.

Finally, the July consumer price index report is set for release on Tuesday, with economists expecting a 0.3% increase in the headline CPI and a 0.2% rise in the core CPI.

Read Next: Benzinga’s Hottest Contests: Enter For A Chance To Win A $500 Gift Card Or A Peloton Exercise Bike!

This article Top Stock Market News: Advanced Energy Surprises With Earnings Beat, FIG Upgraded By Goldman Sachs, Bed Bath & Beyond To File For Bankruptcy is original content from Benzinga and may not be published, broadcast, rewritten, or redistributed.

Canary Capital, the investment firm founded by Edward C. "Ned" Johnson III, is known for its contrarian investment style and long-term value investing approach. The firm, previously named "Canary Capital Partners," later changed its name to "Canary Capital LLC."

While Canary Capital is not typically associated with cryptocurrency investments, the firm's involvement in the Tron ETF filing through Cboe BZX Exchange marks