The U.S. Securities and Exchange Commission just gave a nod to Canary Capital’s filing for a staked Tron (TRX) ETF, but don’t hold your breath for other crypto ETFs yet, because the SEC is hitting the snooze button on those.
On Thursday, the SEC posted a notice about a 19b-4 filing from Cboe BZX Exchange for Canary Capital’s staked TRX ETF. The commission’s basically saying, “Hey folks, tell us what you think!” as they open the floor for comments.
Canary Capital dropped the registration for this staked ETF back in April, with Bitgo as the fund’s custodian. They’re no one-trick pony either, Canary has also tossed ETF filings into the ring for altcoins like Sui, Hedera, and Litecoin.
For those not in the crypto loop, TRX is Tron’s native coin, cooked up by Justin Sun in 2017. With a $26 billion market cap, it’s sitting pretty as the tenth-largest crypto.
SEC Delays Continue for Other Crypto ETF Proposals
As for the rest of the crypto ETF crowd? The SEC isn’t rushing. Deadlines for Bitwise’s spot XRP ETF, Coinshares’ spot XRP and Litecoin ETFs, and Fidelity’s in-kind bitcoin ETF just got pushed back, Bloomberg’s ETF guru James Seyffart tweeted.
As expected, more delays on crypto ETFs dropped today. Delays include @BitwiseInvest & @CoinSharesCo XRP ETFs. Delay on Litecoin ETF Filing. Delay on @Fidelity's In-kind Bitcoin filing.
— James Seyffart (@JSeyff) May 22, 2025
On the more positive side: SEC acknowledged @CanaryFunds's staked TRX filing https://t.co/bqXHT5MAnS pic.twitter.com/LzrxfFZK2J
Seyffart reminds us that delays are par for the course. The SEC’s been slow-rolling crypto ETF decisions for months, even though the Trump-era SEC wasn’t exactly the crypto police.
“If any crypto ETF approvals happen early, don’t expect them before late June or early July, at the absolute soonest,” Seyffart says. “Most likely, we’ll be staring down decisions in early Q4.”
Basically, the SEC loves to take its sweet time, usually waiting until the deadline’s nearly here to make a move. So if you’re holding your breath for a quick crypto ETF, yes, you might wanna exhale and settle in for the long haul.
Kristian Koch
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