The American digital asset investment company Canary Capital Group has applied to the U.S. Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF (MRCA).
According to the application filed on Friday, the proposed fund will track a cryptocurrency index created, mined, or primarily operated in the United States, with shares planned to trade on the Cboe BZX exchange under the MRCA ticker. The trust also plans to stake its proof-of-stake holdings through third-party providers to earn rewards that will increase its net asset value.
The American-Made Blockchain Index will only accept assets that meet the strict standards set by the oversight committee. Tokens must comply with regulated U.S. trust or bank custody requirements, maintain minimum liquidity, and trade on multiple established exchanges.
Stablecoins, meme coins, and pegged tokens are excluded, and the index will rebalance quarterly.
The trust will provide direct exposure to these assets without using leverage or derivatives, with custody handled by a South Dakota-chartered trust company, and most assets stored in cold storage.
According to Coinmarketcap's "American-Made Tokens Ranked by Market Cap" index, some projects with U.S. roots that may be included in the index are Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Stellar (XLM).
This application follows Canary's recent application for the Trump Coin ETF, which is related to the meme coin launched by the U.S. president before taking office in January. Canary has also applied for ETFs related to SOL, XRP, SUI, and TRX, all currently under SEC review.
Canary's latest ETF application comes at a time of broader shifts in U.S. crypto policy. In July, former SEC Commissioner Paul Atkins launched the "Crypto Project," a plan to bring regulators into the digital finance era by establishing clearer guidelines for U.S. cryptocurrencies and tokenized assets.
On August 5, the SEC also released a staff statement clarifying that certain liquid staking arrangements do not fall under the jurisdiction of securities laws, a move that could open the door for staking-based ETFs like Canary's.
Despite a softening attitude towards cryptocurrencies, the SEC continues to exercise caution in approving crypto ETFs.
This month, the agency delayed decisions on several crypto ETF applications, including postponing the NYSE Arca's Truth Social Bitcoin and Ethereum ETF to October 8, while the Solana ETF from 21Shares and Bitwise was postponed to October 16, and the 21Shares Core XRP Trust was delayed to October 19.
On Monday, the SEC extended its review of the proposal for listing and trading WisdomTree XRP Fund shares as a commodity trust ETF on the Cboe BZX exchange, setting a new deadline of October 24, 2025.
On the same day, it also postponed its decision on the Canary PENGU ETF, giving itself until October 12, 2025, to make a ruling.
Related: VanEck files JitoSOL ETF application, opening the Solana (SOL) staking rewards channel
Original article: “SEC Delays Approval Period, Canary Capital Files for 'American-Made' Crypto ETF”
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