Canary Capital Group, a U.S.-based firm specializing in digital asset investments, has formally requested approval from the Securities and Exchange Commission (SEC) to introduce the Canary American-Made Crypto ETF (MRCA).
A filing made public on Friday outlines that the proposed exchange-traded fund will mirror the performance of an index composed of cryptocurrencies that are either created, mined, or predominantly managed within the United States. Shares of the fund are expected to be listed on the Cboe BZX exchange under the ticker symbol MRCA. Furthermore, the fund intends to engage in staking its proof-of-stake assets through external service providers, with the resulting rewards contributing to the fund’s overall net asset value.
The Made-in-America Blockchain Index will selectively include digital assets that satisfy stringent criteria as determined by a dedicated oversight committee. To be considered, tokens must be eligible for custodial services with a U.S.-regulated trust company or bank, maintain a predefined level of liquidity, and be actively traded on multiple established trading platforms.
Notably, stablecoins, memecoins, and tokens that are pegged to other assets are specifically excluded from the index, which will undergo a quarterly rebalancing process.
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This investment vehicle will offer direct exposure to the selected digital assets, without employing leverage or derivative instruments. Custodial services will be provided by a trust company chartered in South Dakota, ensuring the majority of assets are held in secure cold storage.
Referencing CoinMarketCap’s “Top Made in America Tokens by Market Cap” index, several projects originating in the United States are likely candidates for inclusion. These include XRP (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), and Stellar (XLM), among others.
This filing follows Canary Capital’s recent application for a Trump Coin ETF, associated with the memecoin launched in January surrounding the U.S. President’s inauguration. Canary has also submitted applications for ETFs focused on SOL, XRP, SUI, and TRX, all of which are currently under review by the SEC.
Related: Solana SSK ETF Surpasses $100 Million Mark as Crypto Staking Gains Traction on Wall Street
Shifting US Policy Landscape
Canary’s latest ETF filing emerges within the context of evolving crypto policies in the United States. In July, Paul Atkins, a former SEC Commissioner, initiated “Project Crypto,” an endeavor focused on guiding the regulatory body into the digital finance sphere. The project aims to establish clearer guidelines for cryptocurrencies and tokenized assets within the U.S.
Furthermore, on August 5th, the SEC released a staff statement clarifying that certain specific arrangements involving liquid staking do not fall under the purview of securities laws. This development could potentially pave the way for staking-based ETFs, such as the one proposed by Canary.
SEC Delays on ETF Decisions
While the SEC has displayed a more receptive attitude toward cryptocurrency, it remains cautious when it comes to approving crypto ETFs.
This month, the agency opted to postpone decisions on several crypto ETF applications, including NYSE Arca’s proposed Truth Social Bitcoin and Ethereum ETF (decision moved to October 8th), as well as 21Shares and Bitwise’s Solana ETFs (decision delayed to October 16th), and the 21Shares Core XRP Trust (decision extended to October 19th).
On Monday, the SEC prolonged its review of a proposal from the Cboe BZX Exchange to list and trade shares of the WisdomTree XRP Fund as a commodity-based trust ETF, establishing a new deadline of October 24, 2025.
On the same day, the SEC also deferred its decision regarding the Canary PENGU ETF, setting a deadline of October 12, 2025, to issue a ruling.
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