SEC to Review TRON-Based ETF Application

The U.S. Securities and Exchange Commission (SEC) has commenced its review of an application from the CBOE to register a spot exchange-traded fund (ETF) based on TRON (TRX) with a staking feature from Canary Capital.

Bitgo will serve as the custodian for the product.

The agency has invited interested parties to comment on the proposed rule change.

Previously, Canary submitted applications to launch spot exchange-traded funds based on Sui, Hedera, and Litecoin.

On May 22, the Commission postponed the review deadlines for proposals to list an XRP-ETF from Bitwise, XRP-ETF and LTC-ETF from Coinshares, as well as a BTC-ETF from Fidelity with in-kind redemption.

As expected, more delays on crypto ETFs dropped today. Delays include @BitwiseInvest & @CoinSharesCo XRP ETFs. Delay on Litecoin ETF Filing. Delay on @Fidelity‘s In-kind Bitcoin filing.

On the more positive side: SEC acknowledged @CanaryFunds‘s staked TRX filing https://t.co/bqXHT5MAnS pic.twitter.com/LzrxfFZK2J

— James Seyffart (@JSeyff) May 22, 2025

The SEC is currently reviewing over 70 applications for the launch of exchange-traded funds based on various cryptocurrencies.

Bloomberg analyst James Seyffart anticipates an expansion in the number of approved instruments in the fourth quarter, when final decision deadlines arrive.

Should the regulator be prepared to deviate from this practice, issuers might receive approval by late June or early July, he added.

“A verdict ahead of schedule would be outside the norm. Regardless of how ‘crypto-friendly’ the SEC is,” explained Seyffart.

Earlier, the expert noted that the LTC-ETF has the best chances for approval.

In February, Seyffart and his colleague Eric Balchunas estimated the likelihood of Litecoin-ETF registration at 90%, and products based on Dogecoin at 75%. They considered the chances for Solana (70%) and XRP (65%) to be lower.

On May 2, investment firm VanEck submitted a proposal for the listing and trading of an exchange-traded fund based on BNB with a staking option.

In January, ConsenSys founder Joe Lubin noted that issuers of spot ETH-ETFs in the U.S. are hoping for “soon” approval of staking by the Commission.