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Key Insights:
- SEC acknowledged Canary Capital’s staked TRX ETF filing via Cboe BZX Exchange.
- XRP, Litecoin, and Bitcoin ETF decisions delayed until late June or Q4 2025.
- Tron ranks 10th by market cap at $26 billion, boosting ETF relevance.
The U.S. Securities and Exchange Commission acknowledged a proposed staked Tron (TRX) exchange-traded fund (ETF) from Canary Capital, marking a rare instance of formal progress on altcoin ETFs, even as decisions on several others remain postponed.
In a notice published Thursday, the SEC said it received a 19b-4 filing submitted by Cboe BZX Exchange for the listing of the staked TRX ETF. The filing was submitted in April, with BitGo named as the custodian. The Commission’s acknowledgment triggers a public comment period and a formal review process.
Canary Pushes for Altcoin ETF Market Share
Canary Capital has filed ETFs tracking multiple altcoins in 2025, including Hedera, Sui, and Litecoin. The firm’s latest effort adds to a growing list of staked cryptocurrency fund proposals, with TRX now in line for regulatory review.
TRX, Justin Sun’s native token of the Tron blockchain, was founded in 2017 and currently has a market capitalization of $26 billion. According to The Block’s market data, it places it tenth among cryptocurrencies by total valuation.
The ETF structure proposed by Canary would offer exposure to staked TRX. This format is designed to provide yield generation through staking rewards while enabling institutional-grade access via traditional exchanges. BitGo’s role as custodian ensures asset security and regulatory compliance for custody services.
XRP, Litecoin ETF Proposals Face Delays
While acknowledging the TRX filing, the SEC delayed several other high-profile crypto ETF proposals. These include Bitwise’s and CoinShares’ filings for spot XRP ETFs, as well as a spot Litecoin ETF. Bloomberg Intelligence ETF analyst James Seyffart confirmed the delays via X.
Fidelity’s proposed in-kind Bitcoin ETF, which would permit non-cash transactions for asset creation and redemption, also faces an extended review period.
Seyffart noted that these delays were expected. “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,” he wrote. “More likely to be in early 4Q.”
He added that the Commission generally takes the full allotted time to deliver rulings. “Early decisions would be an action that’s out of the norm,” he said.
Regulatory Sentiment Shifts, but Delays Persist
Under the Trump administration, the SEC has adopted a comparatively less adversarial stance toward cryptocurrencies. However, the cautious approach to ETF approvals has continued. The Commission has repeatedly solicited public feedback and delayed decisions, citing the need for greater market surveillance and investor protection.
Despite industry optimism around a more crypto-friendly regulatory environment, the procedural pace remains slow. The TRX acknowledgment represents a procedural step, not an approval, and public commentary will determine the speed and likelihood of final clearance.
According to the SEC’s notice, the proposed TRX ETF aims to comply with existing regulatory frameworks while integrating staking as a yield mechanism. That design places it in a different category than traditional spot ETFs, which simply track the underlying asset’s price.
TRX Joins Altcoin ETF Race Amid Institutional Demand
Institutional interest in crypto ETFs remains high, particularly for products that include staking or other yield mechanisms. Canary’s approach may help bridge the gap between decentralized finance and traditional markets, but it still faces regulatory hurdles.
The acknowledgment comes at a time when the SEC is weighing dozens of ETF proposals. The broader outcome could determine whether staking-based ETFs gain mainstream traction in the United States. For now, market participants await further action from the Commission.
As of May 23, TRX traded at around $0.122 with minor intraday changes. The token’s market cap and transaction volume continue to reflect its position as one of the top blockchain platforms by usage and value locked.
While the SEC’s notice does not guarantee approval, it signals that staking ETFs are firmly on the regulatory radar. Whether this acknowledgment results in a timely decision or another prolonged delay remains to be seen.
Still, for now, TRX stands out—if only on paper—as one of the few altcoins with a staked ETF proposal actively under regulatory review.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
