SEC acknowledges Canary Capital's filing for staked Tron ETF

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 several other crypto ETFs.

On Thursday, the SEC uploaded a notice acknowledging a 19b-4 filing from Cboe BZX Exchange for a staked TRX ETF from Canary Capital. 

"The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons," the SEC said in the notice.

Canary filed its registration statement for the staked 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 .

Delayed as expected

Meanwhile, the commission 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 on X.

The SEC has delayed and asked for comments for several crypto ETF proposals over the last few months as it weighs dozens of proposals, while it has assumed a less adverse stance on cryptocurrencies under the Trump administration. 

Delays on various crypto ETFs are expected, Seyffart previously said in an X post.

"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," Seyffart said. "No matter how 'Crypto-friendly' this SEC is."