Canary Capital Files S-1 for First Staked CRO ETF in the U.S.

Canary Capital has filed an S-1 registration with the U.S. Securities and Exchange Commission (SEC) for the first staked CRO exchange-traded fund (ETF) in the United States. This step follows the SEC’s recent clarification that proof-of-stake (PoS) activities do not count as securities transactions. This announcement has also opened up new possibilities for staked financial products. Canary Capital Awaits SEC Verdict on Staked CRO ETF Although the asset manager has several crypto ETF applications with the SEC, it has yet to receive the agency’s decision. However, it has not relented in its effort to ensure that institutional investors have access to these funds without exposing themselves to the perceived risks associated with the underlying cryptocurrency. The proposed ETF allows investors to directly invest in CRO, the main cryptocurrency of the Cronos blockchain. Investors can benefit from the potential increase in CRO’s value and the earnings reward by including staking in the fund. Furthermore, Crypto.com will be the custodian and liquidity provider for the fund. The fund could lead to similar products that integrate staking for other PoS assets if approved. This, in turn, will increase the range of options available in traditional investment channels. To substantiate its S-1 registration and make it more official, Canary Capital is expected to follow up with a 19b-4 filing. Canary Capital And Its Crypto ETF Episodes Last year, Canary Capital entered the race to launch a spot XRP ETF right after Bitwise. The firm spelled out its goal of creating an XRP ETF in its filing. Canary Capital affirmed that it aims to provide investors a seamless way to gain exposure to XRP without directly holding the cryptocurrency. This year, the NASDAQ Stock Market submitted a 19b-4 filing with the SEC on behalf of Canary Capital. The filing is for a spot Hedera (HBAR) ETF . HBAR is the native token of Hedera, a decentralized public network that uses the Hashgraph consensus algorithm to facilitate fast and secure transactions globally. Likewise, the global asset management firm filed the S-1 registration for the spot SUI ETF . Canary Capital, among many others, also filed with regulators to launch an ETF based on the Tron network’s token, TRX . SEC Delays Mount Across Crypto ETF Filings Despite Canary Capital’s recent update, the SEC has yet to respond to its decision on the fund. This delay is part of a broader slowdown, as the commission also delayed decisions on Solana ETF applications from 21Shares and Bitwise. Bloomberg analyst James Seyffart thinks the SEC will unlikely approve crypto ETFs like Solana or XRP before late June or early July. He believes a better chance of approval is in early Q4. This depends on market conditions and rules becoming more friendly to crypto-backed investment vehicles. The post Canary Capital Files S-1 for First Staked CRO ETF in the U.S. appeared first on TheCoinrise.com .

Source: The Coin Rise