Canary Capital Files 'American-Made' Crypto ETF Amid SEC Delays
Canary Capital Files “American-Made” Crypto ETF Amid SEC Delays
U.S. digital asset investment firm Canary Capital Group has filed with the Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF (MRCA). This move comes as the SEC continues to delay decisions on multiple crypto ETF applications.
According to a Friday filing, the proposed fund would track an index of cryptocurrencies created, mined, or primarily operated in the United States. Shares are slated to trade on Cboe BZX under the ticker MRCA. The trust also plans to stake its proof-of-stake holdings through third-party providers, adding rewards to its net asset value.
Fund Criteria
The Made-in-America Blockchain Index will only include assets that meet specific criteria set by an oversight committee:
- Tokens must be eligible for custody with a regulated U.S. trust or bank.
- Assets must maintain minimum liquidity.
- Tokens must trade on multiple established venues.
Stablecoins, memecoins, and pegged tokens are excluded, and the index will be rebalanced quarterly.
The trust will provide direct exposure to these assets without leverage or derivatives. Custody will be handled by a South Dakota-chartered trust company, with most assets kept in cold storage.
Coinmarketcap’s “Top Made in America Tokens by Market Cap” index suggests projects with American roots that would likely be included, such as XRP, Solana, Dogecoin, Cardano, Chainlink, and Stellar.
This filing follows Canary’s recent application for a Trump Coin ETF, and previous filings for ETFs tied to SOL, XRP, SUI, and TRX, all currently under SEC review.
US Crypto Policy Shift
Canary’s latest ETF filing comes amid a broader pivot in U.S. crypto policy. In July, former SEC Commissioner Paul Atkins launched “Project Crypto,” a plan to bring the regulator into the digital finance era by setting clearer guidelines for cryptocurrencies and tokenized assets in the U.S.
On Aug. 5, the SEC also issued a staff statement clarifying that specific liquid staking arrangements do not fall under securities laws, a move that could open the door for staking-based ETFs like Canary’s.
SEC Delays
Despite this softened stance, the SEC has continued to exercise caution when approving crypto ETFs. This month, the agency delayed decisions on several crypto ETF filings, including NYSE Arca’s Truth Social Bitcoin and Ethereum ETF to Oct. 8, while 21Shares and Bitwise’s Solana ETFs were delayed to Oct. 16, and the 21Shares Core XRP Trust to Oct. 19.
The SEC also extended its review of Cboe BZX Exchange’s proposal to list and trade shares of the WisdomTree XRP Fund as a commodity-based trust ETF, setting Oct. 24, 2025, as the new deadline. Similarly, a decision on the Canary PENGU ETF was pushed back to Oct. 12, 2025.
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