Catenaa, Wednesday, May 28, 2025-The US Securities and Exchange Commission (SEC) has officially acknowledged a rule change proposal that would allow a staked Tron (TRX) exchange-traded fund from Canary Capital to list on the Cboe BZX Exchange, according to a regulatory notice published Thursday (22).
The notice confirms the SEC has received and begun reviewing Cboe’s 19b-4 filing for the proposed ETF.
The agency is now soliciting public comments on the application, a standard early step in the ETF approval process. Canary filed for the staked TRX ETF in April, selecting BitGo as the fund’s custodian.
The firm has also submitted proposals for ETFs tied to other altcoins, including Hedera, Sui and Litecoin.
TRX is the native token of the Tron blockchain, launched in 2017 by entrepreneur Justin Sun.
The cryptocurrency currently holds a market capitalization of approximately $26 billion, making it the tenth-largest digital asset by market value.
While the TRX proposal progresses, the SEC delayed decisions on several other crypto-related ETF applications, including spot XRP and Litecoin ETFs from Bitwise and CoinShares, and an in-kind bitcoin ETF from Fidelity.
Bloomberg ETF analyst James Seyffart noted the delays were expected and said any early approvals are unlikely before late June or early July.
Seyffart added that the SEC traditionally waits until final deadlines before making ETF determinations. Although the agency has taken a less combative stance on crypto under the Trump administration, early approvals remain uncommon.
