Canary Capital Group, a US digital asset investment firm, has submitted a filing to the Securities and Exchange Commission (SEC) to initiate the Canary American-Made Crypto ETF (MRCA).
Per a Friday filing, the proposed fund aims to track an index of cryptocurrencies that are created, mined, or primarily operated within the United States, with shares expected to trade on Cboe BZX under the MRCA ticker. The trust also intends to stake its proof-of-stake holdings via third-party providers, enhancing its net asset value with additional rewards.
The Made-in-America Blockchain Index will only include assets that adhere to stringent criteria established by an oversight committee. Tokens must qualify for custody with a regulated US trust or bank, maintain minimum liquidity, and be traded across multiple established venues.
Exclusions will apply to stablecoins, memecoins, and pegged tokens, and the index will be rebalanced on a quarterly basis.
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This trust will offer direct exposure to these assets without leveraging or derivatives, with custody managed by a South Dakota-chartered trust company, which will primarily keep assets in cold storage.
According to Coinmarketcap’s “Top Made in America Tokens by Market Cap” index, potential index constituents with US origins include XRP (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), among others.
This filing follows Canary’s recent application for a Trump Coin ETF related to the US President’s memecoin launched in January ahead of his inauguration. Canary has also sought ETFs linked to SOL, XRP, SUI, and TRX, all of which are currently under SEC review.
Related: Solana SSK ETF breaks $100M as Wall Street warms to crypto staking
Amidst a Shift in US Policy
The latest ETF filing from Canary emerges amidst a wider change in US crypto policy. In July, former SEC Commissioner Paul Atkins initiated “Project Crypto,” aiming to modernize the regulator’s approach by establishing clearer guidelines for cryptocurrencies and tokenized assets within the US.
On Aug. 5, the SEC issued a staff statement clarifying that certain liquid staking arrangements do not fall under securities laws, potentially paving the way for staking-based ETFs like Canary’s.
The SEC’s Continued Caution
Despite a more lenient attitude towards cryptocurrency, the SEC remains cautious in approving crypto ETFs.
This month, the agency postponed decisions on multiple crypto ETF filings, including NYSE Arca’s Truth Social Bitcoin and Ethereum ETF, now set for Oct. 8, while the Solana ETFs from 21Shares and Bitwise were rescheduled to Oct. 16, and the 21Shares Core XRP Trust to Oct. 19.
The SEC has also extended its review period for Cboe BZX Exchange’s proposal to list and trade shares of the WisdomTree XRP Fund as a commodity-based trust ETF, with a new deadline set for Oct. 24, 2025.
On the same day, a decision on the Canary PENGU ETF was also delayed, granting the SEC until Oct. 12, 2025, to issue a ruling.
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