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Canary Capital has entered the cryptocurrency ETF market by filing Form S-1 with the SEC for an exclusive spot ETF focused on Tron (TRX).
The proposal, unveiled on 18 April, aims to offer investors direct access to TRX's market movements, distinguishing itself from other spot cryptocurrency ETFs by the inclusion of staking premiums.
According to the documentation, BitGo Trust Company will be the custodian of the TRX funds, while Canary Capital will play the role of fund sponsor. The crypto community has shown considerable interest in this initiative.
Justin Sun calls on US investors to act quickly
The well-known founder of Tron, Justin Sun, publicly called on US investors to seize this opportunity. He highlighted TRX's potential for sustained growth, pointing out that interest from institutional investors will increase significantly if the new ETF receives regulatory approval.
The latest market statistics confirm TRX's prominent position in the digital asset ecosystem. According to the latest analysis, Tron is currently the ninth largest cryptocurrency by market capitalisation, with a valuation of $22.94 billion.
Tron's blockchain holds a leading position in stablecoin transactions, ranking as the second most used network after Ethereum. In fact, it is the preferred network for transactions in Tether (USDT), due to its ability to guarantee speed and low cost, according to DeFiLlama.
The proposal has generated a lot of enthusiasm, but its regulatory process remains uncertain. Integrating staking rewards into an ETF comes with significant regulatory hurdles, as the SEC has repeatedly expressed concerns about these features in several cryptocurrency investment proposals.
The agency has identified staking services offered through investment vehicles as potential unauthorised securities, thus drawing more regulatory attention to the industry. Because of this stance, previous ETF applicants on Ethereum have removed staking-related elements to comply with regulatory standards.
In spite of this, some companies such as Grayscale continue to support ETFs on altcoins that include staking features or broader exposures to digital assets, defying previous regulators.
The current regulatory environment casts shadows on Canary Capital's TRX ETF proposal, while past controversies involving Justin Sun remain a cause for concern. However, the Tron Foundation has publicly denied any allegations related to alleged misuse of its network.
If approved, Canary Capital's ETF would represent a landmark achievement, offering both access to TRX's market performance and the benefits of staking premiums in a single product.
This innovative structure could attract both retail and institutional investors interested in return and capital growth opportunities in the crypto sector.
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