Canary Capital Group LLC is in search of the U.S. Securities and Change Fee’s approval to checklist and commerce an exchange-traded fund that tracks the value of a memecoin linked to President Donald Trump.
In a registration assertion filed on Tuesday, the agency proposed the Canary Trump Coin ETF.
“The Belief gives traders with the chance to entry the marketplace for $TRUMP by means of a standard brokerage account with out the potential obstacles to entry or dangers concerned with buying and holding $TRUMP straight,” in line with the submitting.
Different companies have additionally filed for ETFs that observe the memecoin, together with Tuttle and one other between Osprey Funds and Rex Shares. Trump and his spouse, First Woman Melania Trump every launched a memecoin shortly after Inauguration Day in January. The memecoins had been criticized by Democratic lawmakers amid conflict-of-interest considerations.
Canary’s submitting comes because the company is weighing dozens of crypto ETF proposals below a friendlier regulatory atmosphere, from ones monitoring SOL to DOGE. Extra just lately, companies have been proposing ETFs that embody staking after the SEC asserted that almost all proof-of-stake options don’t fall below its remit. Moreover, the company later clarified that sure liquid staking actions don’t contain securities.
Notably, the SEC additionally stated in February that memecoins are usually not securities.
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