Catenaa, Tuesday, August 26, 2025- The US Securities and Exchange Commission has invited the public comment on a proposed exchange-traded fund tied to the Injective blockchain, marking another step in the agency’s evolving approach to crypto-based investment products.
The securities regulator said Monday it would accept comments over the next 21 days on Canary’s application for the Canary Staked Injective (INJ) ETF, which would trade on the Cboe BZX Exchange if approved.
The SEC has up to 90 days to issue its decision.
Canary filed its proposal in July, arguing Injective’s $1.4 billion market capitalization and broad trading activity reduce the risk of market manipulation.
The exchange also said Injective’s decentralized and geographically diverse trading structure makes manipulation more difficult than in traditional equity or commodity markets.
The application comes as firms expand efforts to launch staking-based ETFs. Earlier this month, VanEck filed for a JitoSOL ETF, while REX-Osprey announced a Solana staking ETF in partnership with JitoSOL.
These moves follow the SEC’s May clarification that most proof-of-stake mechanisms do not fall under its jurisdiction, though certain liquid staking activities may be excluded from securities classification.
Meanwhile, the SEC on Monday also postponed a decision on WisdomTree’s proposed XRP fund until October 24, calling the delay routine.
The filing underscores growing interest from financial institutions to integrate staking into ETF products as regulatory clarity under President Donald Trump’s second term fuels fresh proposals across the crypto sector.
