TLDR
- The US SEC has officially acknowledged the staked Tron ETF filing from Canary Capital through Cboe BZX Exchange.
- This acknowledgment begins the formal regulatory process for the proposed Tron ETF.
- The Tron ETF seeks to offer TRX exposure and staking rewards within a regulated investment structure.
- Canary Capital submitted the filing in April 2025 and selected Bitgo as the fund’s custodian.
- The proposed ETF includes surveillance mechanisms to prevent market manipulation.
The US SEC has officially acknowledged Canary Capital’s stake in the Tron ETF filing submitted through Cboe BZX Exchange. 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 and aims to deliver staking rewards under a regulated framework.
Canary Capital’s Tron ETF Moves Ahead with SEC Review
Canary Capital filed for its staked Tron ETF in April 2025, aiming to track TRX’s performance while earning staking rewards. The proposed fund will operate on a cash-only creation and redemption model and maintain TRX in cold storage. Bitgo will serve as the custodian, handling secure storage and asset management.
The filing includes mechanisms designed to prevent manipulation and mirrors surveillance strategies of previously approved crypto ETFs. It proposes that the TRX market’s size and transparency contribute to resistance against manipulation concerns. Cboe BZX Exchange submitted the 19b-4 form on behalf of Canary Capital to initiate the approval process.
The SEC issued a formal notice to invite public comments on the rule change related to the TRX ETF application. This step signals progress but does not guarantee the Commission’s final approval of the ETF. However, market participants view the acknowledgment as an indicator of continued engagement with crypto-based ETFs.
SEC’s Mixed Approach to Crypto ETFs Continues
While acknowledging the Tron ETF, the SEC has delayed decisions on similar crypto ETF proposals, including those involving Ethereum. On Wednesday, the SEC extended its review period for the 21Shares spot Ethereum ETF, including staking. Analysts had expected the staked ETH ETF to be approved by mid-2025.
Delays in Ethereum-related ETFs raise concerns about inconsistent regulatory timelines for crypto asset products in the US market. Meanwhile, the prompt acknowledgment of the TRX ETF draws attention to potential discrepancies in review speed. Market analysts interpret this as a sign of shifting regulatory focus within the SEC.
Despite recent postponements in other cases, the TRX ETF’s acknowledgment has sparked cautious optimism regarding progress in crypto ETF approvals. Though not finalized, the official recognition marks a milestone for Canary Capital’s initiative. The timeline for the SEC’s final decision on the Tron ETF remains unspecified.
Regulatory Clarity Lacking for Tron ETF
The SEC’s notice does not confirm the approval of the Tron ETF, and no decision deadline has been provided. Neither Canary Capital nor the Tron network has issued a public statement regarding the next steps. This silence leaves the regulatory outcome uncertain.
TRX ETF proponents argue that TRX’s proof-of-stake structure aligns with regulatory expectations for staking-based financial products. The ETF would allow access to TRX staking without requiring direct participation in blockchain operations. Market observers await updates as the SEC continues reviewing related proposals.
