Canary Capital, a key player in the cryptocurrency industry, has filed for approval to list an exchange-traded fund for the TRUMP meme coin. This move comes as the U.S. Securities and Exchange Commission considers several crypto ETF applications.
Filing for TRUMP Meme Coin ETF
Canary Capital has submitted its S-1 registration for the Official TRUMP meme coin, adding this asset to the list of exchange-traded funds currently under review by the SEC. The company initially signaled its intention with a trust registration earlier this month.
Future of TRUMP ETF and Expert Insights
The application for the TRUMP ETF raises questions about the future of this fund. Bloomberg’s ETF expert Eric Balchunas noted that it might be challenging for it to proceed, as futures on the meme coin must exist on an exchange for at least six months. Currently, no such product exists, and he opines that the filing might be regarded as a '40 Act product'.
Crypto Market and New Investment Opportunities
The SEC has acknowledged numerous forms of 19b-4 for spot exchange-traded funds and has delayed decisions on many since approving Ethereum spot ETFs in 2024. As the regulatory landscape grows more crypto-friendly, there is anticipation for more ETFs on digital assets to soon be accessible through traditional market infrastructure.
Canary Capital's initiative to launch an ETF for the TRUMP meme coin reflects the increasing interest in cryptocurrencies as a new asset class. However, the question of feasible and regulatory approval by the SEC remains open.
