Canary Capital Unveils Bold ‘American-Made’ Crypto ETF Amidst SEC Delays
Are you following the dynamic world of US digital assets? Canary Capital has made a significant move. The firm recently filed for an innovative ‘American-Made’ Crypto ETF. This proposed fund aims to track digital assets with strong US roots. It emerges as the SEC continues to review numerous other crypto fund applications. This development could reshape how investors access domestic blockchain projects.
Canary Capital’s Vision for an American-Made Crypto ETF
Canary Capital Group, a prominent US digital asset investment firm, recently filed with the Securities and Exchange Commission (SEC) for a new exchange-traded fund. This proposed fund is named the Canary American-Made Crypto ETF (MRCA). The Friday filing details its unique objective. It plans to track an index of cryptocurrencies created, mined, or primarily operated within the United States. Shares are slated for trading on Cboe BZX under the ticker MRCA. This initiative highlights a growing trend towards specialized crypto investment vehicles.
The trust also incorporates a staking mechanism. It plans to stake its proof-of-stake holdings. Third-party providers will handle this process. Consequently, staking rewards will add to the fund’s net asset value. This feature offers an additional layer of potential returns for investors.
Strict Criteria for US Digital Assets Inclusion
The Made-in-America Blockchain Index will only admit assets meeting strict criteria. An oversight committee sets these rules. First, tokens must be eligible for custody with a regulated US trust or bank. Furthermore, they must maintain minimum liquidity levels. They also need to trade on multiple established venues. Stablecoins, memecoins, and pegged tokens are specifically excluded from this index. The index will undergo rebalancing quarterly. This ensures consistent adherence to its “American-Made” mandate.
This fund will provide direct exposure to these chosen assets. It avoids leverage or derivatives. A South Dakota-chartered trust company will handle custody. Most assets will be kept in secure cold storage. This approach prioritizes investor safety and direct asset ownership.
Potential Holdings and Broader ETF Landscape
Which projects might qualify for the American-Made Crypto ETF? According to Coinmarketcap’s “Top Made in America Tokens by Market Cap” index, several projects fit the description. These include:
- XRP (XRP)
- Solana (SOL)
- Dogecoin (DOGE)
- Cardano (ADA)
- Chainlink (LINK)
- Stellar (XLM)
These examples showcase the diverse range of US digital assets that could form the index.
Canary Capital has been actively pursuing various crypto-related ETFs. Its latest filing follows a recent application for a Trump Coin ETF. This was tied to the US President’s memecoin, launched earlier in January. Canary has also filed for ETFs tied to SOL, XRP, SUI, and TRX. These applications currently remain under SEC review. The firm’s strategy demonstrates a broad interest in offering diverse crypto investment products.
Navigating SEC Crypto Delays and Policy Shifts
Canary’s latest Canary Capital ETF filing comes amid a broader pivot in US crypto policy. In July, former SEC Commissioner Paul Atkins launched “Project Crypto.” This plan aims to bring the regulator into the digital finance era. It seeks to establish clearer guidelines for cryptocurrencies and tokenized assets in the US. This signals a potential shift towards more defined regulatory frameworks.
Moreover, the SEC issued a staff statement on August 5. This clarified that specific liquid staking arrangements do not fall under securities laws. This move could open the door for crypto staking ETFs, like the one proposed by Canary Capital. This clarification provides a more favorable environment for such innovative products.
Despite its softened stance, the SEC continues to exercise caution. It has frequently pushed back decisions on crypto ETF approvals. This month, the agency delayed several key filings. For instance, NYSE Arca’s Truth Social Bitcoin and Ethereum ETF decision moved to October 8. Similarly, 21Shares and Bitwise’s Solana ETFs faced delays until October 16. The 21Shares Core XRP Trust decision was pushed to October 19.
Most recently, the SEC Crypto Delays continued. On Monday, it extended its review of Cboe BZX Exchange’s proposal. This involved listing and trading shares of the WisdomTree XRP Fund. The new deadline is now October 24, 2025. The same day, it also pushed back a decision on the Canary PENGU ETF. This ruling is now expected by October 12, 2025. These ongoing delays highlight the cautious approach taken by regulators in the evolving digital asset landscape.
