A US-only crypto ETF has been filed for by Canary Capital, which is aiming to track an index of American-rooted digital assets as the SEC weighs other fund applications.
A filing has been made with the Securities and Exchange Commission (SEC) by the US digital asset investment firm Canary Capital Group to launch the Canary American-Made Crypto ETF (MRCA).
According to a Friday filing, an index of cryptocurrencies created, mined, or primarily operated in the United States would be tracked by the proposed fund, with shares slated to trade on Cboe BZX under the ticker MRCA. The trust also plans to stake its proof-of-stake holdings through third-party providers, adding rewards to its net asset value.
Only assets that meet strict criteria set by an oversight committee will be admitted to the Made-in-America Blockchain Index. Tokens must be eligible for custody with a regulated US trust or bank, maintain minimum liquidity, and trade on multiple established venues.
Stablecoins, memecoins, and pegged tokens are excluded, and the index will be rebalanced quarterly.
Direct exposure to these assets will be provided by the trust without leverage or derivatives, while custody will be handled by a South Dakota-chartered trust company, with most assets kept in cold storage.
The filing follows Canary’s recent application for a Trump Coin ETF, which is tied to the US President’s memecoin launched in January ahead of his inauguration. Canary has also filed for ETFs tied to SOL, XRP, SUI, and TRX, which currently all remain under SEC review.
Amid Shifting US Policy, Crypto Firms Push Forward
Canary’s latest ETF filing comes amid a broader pivot in US crypto policy. In July, former SEC Commissioner Paul Atkins launched “Project Crypto,” a plan to bring the regulator into the digital finance era by setting clearer guidelines for cryptocurrencies and tokenized assets in the US.
On Aug. 5, a staff statement was also issued by the SEC clarifying that specific liquid staking arrangements do not fall under securities laws, a move that could open the door for staking-based ETFs like Canary’s.
SEC Delays Continue for Crypto ETF Decisions
Despite its softened stance toward cryptocurrency, caution has been continued to be exercised by the SEC when approving crypto ETFs.
This month, the agency delayed several crypto ETF filing decisions. These included the NYSE Arca’s Truth Social Bitcoin and Ethereum ETF to Oct. 8, while the 21Shares and Bitwise’s Solana ETFs were delayed to Oct. 16, and the 21Shares Core XRP Trust to Oct. 19.
The review of Cboe BZX Exchange’s proposal to list and trade shares of the WisdomTree XRP Fund as a commodity-based trust ETF was extended on Monday by the SEC, setting October 24, 2025, as the new deadline.
A decision on the Canary PENGU ETF was also pushed back on the same day, with the SEC giving itself until October 12, 2025, to issue a ruling.
