Canary Capital submitted a new request to the Securities and Exchange Commission (SEC) of the United States for a Tron of Tron (ETF) fund.
Friday, the S-1 Prospectus describes the ETF TRX of Canary proposed, which aims to offer investors a direct exhibition in Tron (TRX), the ninth largest cryptocurrency by market capitalization.
According to the file, the fund’s investment objective is to follow the performance of TRON prices while allowing investors to obtain additional awards thanks to the shuttle.
The characteristic of appearance in the FNB faces a regulatory examination in the middle of the hesitation
The stripe allows holders of cryptocurrencies of proof of implementation (POS) to contribute to the security and operations of the network in exchange for periodic awards.
However, incorporating the shuttle into an FNB has become a regulatory conflict point.
The dry has not yet approved any ETF which includes jalitude, citing potential risks of investors and operational complexities.
Earlier this week, the agency delayed a decision on the issue of whether the Graycale Ethereum Fund can include stimulation.
Canary Capital, based in Nashville, Tennessee, is part of an increasing number of companies rushing to put Altcoin focused on the FNB market.
The company has also deposited ETF linked to XRP, SU and Grassouchis – partly wide trend stimulated by the strong performance of Bitcoin and Etfereum recently approved.
Since its launch at the beginning of 2023, the 11 places Bitcoin have attracted more than $ 35 billion in net entries.
The new deposit did not specify which exchange of the exchange of Tron ETFs would smooth, leaving this detail for future updates.
TRX, the native token of the Blockchain Tron, was negotiated at around $ 0.24 at the time of the deposit, down 3% in the last 24 hours. However, the token posted a strong gain of 120% in the past year.
Other major players such as Blackrock, Bitwise, Vaneck and 21shares also seek the approval of the SEC for ETF Altcoin, with industry experts pointing to XRP and Solana as leaders for the next potential approvals.
Dry reports decisions on the rules of implementation and rules of crypto in kind
Last week, the SEC delayed its decisions on the changes in proposed rules linked to the characteristics of intention and the creations and redemptions in kind for several cryptocurrency ETF.
The delay allows the regulator more time to assess the implications, because its dedicated crypto working group continues to work on the development of long -term digital asset policies. Final decisions are now expected later this year.
The Cry crypto working group, created to develop clearer regulations for industry, has already organized meetings with several key stakeholders.
In February, managers of Jito and Multicoin Capital met the agency to put pressure for FNB compatible with punctures that would allow investors to win the yield by locking cryptographic assets.
The working group has also reversed many previous application actions targeting cryptographic companies.
Among the delayed cases are the Grayscale Ethereum Trust and Ethereum Mini Trust, which sought to put Eth into play, and the Bitcoin and Ethereum De Vaneck trustee, which proposed to allow transactions in kind using the crypto instead of money.
The Sec has extended its deadlines for the two proposals until June 1 and June 3, respectively.
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