SEC Acknowledges Canary Capital’s Staked Tron ETF Filing Amid Delays for Other Crypto Funds

The U.S. Securities and Exchange Commission (SEC) has formally acknowledged a filing for a staked exchange-traded fund (ETF) tied to Tron (TRX), submitted by Canary Capital through the Cboe BZX Exchange. The move marks a step forward for the proposed fund, even as the agency continues to postpone decisions on a growing queue of other cryptocurrency ETF applications.

According to a notice published Thursday, the SEC is now soliciting public comments on the proposal. The ETF, first filed in April, names Bitgo as its custodian and would track TRX, the native token of the Tron blockchain. Tron was launched in 2017 by entrepreneur Justin Sun and currently ranks as the tenth-largest cryptocurrency by market capitalization, valued at around $26 billion.

Canary Capital has been actively pursuing crypto-based ETFs, with previous filings covering alternative tokens such as Sui, Hedera, and Litecoin. Its latest bid represents one of the few staked ETF proposals in the pipeline, reflecting a growing investor interest in earning yields through staking mechanisms.

While Canary’s TRX ETF advances to the comment stage, several high-profile crypto ETF applications remain in limbo. The SEC has delayed rulings on spot XRP ETFs from Bitwise and Coinshares, a spot Litecoin ETF, and Fidelity’s in-kind bitcoin ETF. The agency has taken a cautious, methodical approach to crypto products, often using the full review period before issuing a decision.

James Seyffart, an ETF analyst at Bloomberg Intelligence, noted that early approvals are unlikely, despite a seemingly less hostile SEC stance under current leadership. “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,” Seyffart commented on X. More realistically, he added, final decisions may not come until the fourth quarter.

The acknowledgment of the TRX ETF does not equate to approval, but it does keep the momentum going for crypto-backed financial products. As regulatory scrutiny persists, both investors and issuers will be watching closely to see whether the SEC's tone continues to shift — or reverts to a more conservative stance.