SEC’s Crypto Circus: TRX ETF Gets a Nod While Others Wait in Line! 🎪

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In a most curious turn of events, the esteemed U.S. Securities and Exchange Commission, that venerable institution of financial oversight, has deigned to acknowledge the application of Canary Capital for a staked exchange-traded fund based on the elusive Tron (TRX). Yet, in a twist worthy of a Dostoevskian plot, it has chosen to postpone the approval of a veritable cornucopia of other cryptocurrency ETFs. Ah, the drama! 🎭

This filing, tendered to the Cboe BZX Exchange in the balmy month of April, has BitGo as its custodian—an arrangement that surely brings a smile to the faces of those who appreciate the finer points of financial custodianship. Canary Capital, in its boundless ambition, has also sought to launch ETFs based on other altcoins, including the likes of Sui, Hedera, and Litecoin. One can only imagine the fervor in the boardroom! 💼

While the staked TRX ETF waltzes forward, buoyed by the SEC’s nod, the commission has chosen to delay its decisions on a host of other high-profile crypto ETFs. Among these are the proposals for Bitwise’s spot XRP ETF, CoinShares’ spot XRP ETF, and Fidelity’s in-kind Bitcoin ETF, not to mention a spot Litecoin ETF. It seems the SEC is taking its sweet time, as if savoring a fine wine rather than rushing through a mere glass of water. 🍷

This delay, dear reader, is hardly shocking. The SEC, in its newfound crypto-friendly demeanor—an evolution that would make even the most stoic bureaucrat blush—continues to weigh its decisions with the gravitas of a philosopher pondering the meaning of life. Crypto analysts, such as the ever-astute James Seyffart from Bloomberg Intelligence, have been predicting these delays with the confidence of a seasoned oracle. According to Seyffart, while we might glimpse some early approvals, the major ETFs are unlikely to see the light of day before late June or early July. More likely, we shall await their fate until the fourth quarter, as if we are all characters in a tragicomedy waiting for the curtain to rise. 🎭

Lotta questions. Replying here:

The SEC *typically* takes the full time to respond to a 19b-4 filing. Almost all of these filings have final due dates in October. Early decisions would be the action that’s out of the norm. No matter how “Crypto-friendly” this SEC is.

There’s no…

— James Seyffart (@JSeyff) May 20, 2025

Seyffart, in a moment of candor on X, remarked, “The SEC typically takes the full time to respond to a 19b-4 filing… Early decisions would be the action that’s out of the norm.” And so, the SEC has granted its blessing to Canary Capital’s TRX ETF, a significant milestone for crypto ETFs, yet the wait continues for other illustrious proposals like XRP and Litecoin. Patience, dear friends, is indeed a virtue! ⏳

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2025-05-23 11:27