Canary Capital’s Staked Tron ETF Acknowledged by SEC Amid Delays to XRP, Litecoin, and Fidelity ETF Filings

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged a 19b-4 filing for a staked TRX ETF submitted by Canary Capital via the Cboe BZX Exchange. This marks a rare move forward amid a wave of crypto ETF delays. While the staked TRX ETF shows progress, the SEC postponed decisions on multiple high-profile proposals, including Bitwise and CoinShares’ XRP ETFs, Fidelity’s in-kind Bitcoin ETF, and a separate Litecoin ETF. ETF analyst James Seyffart noted that these delays are expected and part of the SEC’s usual pattern of taking full review time.

Canary Capital’s Staked TRX ETF Gains Traction

On Thursday, the Securities and Exchange Commission issued a public notice acknowledging Cboe BZX Exchange’s proposal to list and trade the Canary Staked TRX ETF under Rule 14.11(e)(4), focused on Commodity-Based Trust Shares. This ETF, backed by staked TRX, Tron’s native crypto asset, represents a strategic bid to integrate staking yield into regulated investment vehicles. Tron (TRX), founded by Justin Sun, currently holds a $26 billion market cap, ranking it as the tenth-largest cryptocurrency. Bitgo has been appointed fund custodian for this product. Canary has also filed ETFs tied to altcoins like Hedera, Sui, and Litecoin, showing its commitment to expanding crypto ETF options in the U.S.

Securities and Exchange Commission Delays Ripple (XRP), Litecoin, and Bitcoin ETF Filings

In contrast to Canary’s forward momentum, several major crypto ETF filings encountered expected delays. The Securities and Exchange Commission deferred decisions on Bitwise’s and CoinShares’ spot XRP ETF proposals. These filings aim to offer exposure to XRP without direct ownership, appealing to institutional investors seeking regulatory clarity.

The regulator also extended review periods for Fidelity’s in-kind Bitcoin ETF and a Litecoin ETF proposal. The in-kind structure would allow investors to exchange Bitcoin directly for shares, reducing taxable events and improving efficiency. However, despite growing institutional demand, the SEC continues to stall these crypto ETF filings, with Seyffart projecting decisions could stretch into Q4 2025. The delay reflects the agency’s cautious approach even under a more crypto-tolerant administration.

These decisions underscore the SEC’s strategy of exhausting review deadlines. Though the political environment has slightly softened, the commission remains focused on risk and market readiness. Seyffart emphasized that early approvals would be highly unusual, regardless of crypto-friendliness. With dozens of filings on the table, the SEC appears to prioritize thorough analysis over expedited clearance, especially in light of evolving market structures.

Canary’s Filing Sets New Tone in ETF Landscape

The SEC’s acknowledgment of the staked TRX ETF signals potential for broader innovation in crypto ETFs. If approved, this ETF would be among the first to integrate staking, a key feature of proof-of-stake networks, into a compliant, regulated fund structure. This could pave the way for other crypto assets utilizing staking mechanisms to enter the ETF space, blending yield generation with accessibility for traditional investors. SEC delays crypto ETF approvals highlight the broader trend dominating 2025’s ETF landscape.

What’s Next: Clock Ticks Toward Q4 Deadlines

While the SEC delays crypto ETF approvals, industry watchers expect few early decisions. Seyffart reiterated that most final deadlines fall in Q4, making summer approvals unlikely. Until then, filings like the staked TRX ETF could lead innovation, while XRP, Litecoin, and Bitcoin ETF proposals remain in regulatory limbo. Investors and issuers will be watching closely as the Securities and Exchange Commission signals its next steps in shaping U.S. crypto investment products.