The Delaware Division of Corporations’ website reveals that the trust entity named “Canary Staked INJ ETF” was formed on Monday. This marks Canary Capital’s initial step in potentially offering a fund centered on staked Injective (INJ).

Delaware trust formation is typically the precursor to additional filings with the Securities and Exchange Commission (SEC) by ETF issuers seeking to launch an ETF for trading. While a Delaware trust does not guarantee the introduction of an ETF, it is a common starting point for several crypto-tracking ETFs.

No specific details have been disclosed about Canary Capital’s proposed INJ fund. However, it’s worth noting that the firm filed for an ETF in April, with the aim of holding TRX (TRX), the native token of the Tron blockchain, and staking a portion of these tokens to generate yield.

On a similar note, asset manager 21Shares launched an Injective exchange-traded product in Europe in July that tracks the INJ token and reinvests staking yields.

Following the establishment of the Delaware trust by Canary Capital, the Injective token has seen a 3.7% rise in the last 24 hours, with a 10.5% increase observed over the week. This news has stirred excitement among the blockchain community, with DappRadar reporting a slight increase in transactions and users on the Injective blockchain.

Despite the Trump administration’s promise to relax crypto regulations, the SEC has expressed concerns over the legality of crypto staking ETFs under current securities laws. However, industry analysts are hopeful about resolving these legal challenges.

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The firms expressed their apprehensions regarding the SEC’s recent departure from the ‘first-to-file’ approach, where financial products are approved based on the order of their submission. They made these sentiments known in a public letter addressed to SEC Chair Paul Atkins and published on X last Friday.

“The SEC’s deviation from this protocol has undermined the regulatory principles of innovation, fairness, and market competition,” the firms remarked in the letter. They added, “We urge you to promptly restore the Commission’s longstanding first-to-file approval criterion for registration statements. In simple terms, when the Commission shows favoritism, it results in financial loss for ETP sponsors and makes the ETP marketplace less fair.”

Currently, the SEC is considering numerous applications for ETFs, including those tracking SOL, XRP, and DOGE, along with other assets. Many of these proposals were submitted over the past year in response to an expectation that the Trump administration would adopt a more liberal approach.

Under the Biden administration and following a significant court decision, the SEC authorized the listing and trading of spot Bitcoin ETFs and subsequently spot Ethereum ETFs. The firms argue, however, that in an atypical move, the SEC permitted all spot Bitcoin ETF issuers to list their products on the same day—despite receiving proposals for the 11 different funds at different times. They believe that a return to a first-to-file approach is necessary to prevent market concentration and a “competitive imbalance.”

They further wrote, “The diminished incentive for pioneering product development has wider implications. It restricts investor options, weakens market efficiency, and fundamentally undermines the Commission’s objective of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”

VanEck’s Head of Digital Assets Research, Matt Sigel, previously disclosed to The Block that the firm was the first to file for a Solana ETF in June 2024, in anticipation that the SEC would adopt a more equitable, time-weighted standard for financial product approvals. The SEC has not yet responded to a request for comment.

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The firm lodged the statement on Friday, proposing the Canary Staked TRX ETF. As per the document, BitGo Trust Company would serve as the ETF’s custodian. The Trust aims to initiate a program to stake a part of the Trust’s assets via one or more staking infrastructure providers, as stated in the filing.

In addition to TRX, Canary Capital plans to roll out a series of crypto ETFs linked to various cryptocurrencies such as Pengu, Sui, Hedera, and Litecoin. Other companies are also courting the SEC’s approval for their ETFs, mainly based on XRP and Solana, optimistic about a more favorable response than in the preceding Biden administration.

Under the leadership of former Chair Gary Gensler, the SEC approved the listing of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs later in July, following a decisive court ruling instigated by ETF issuer Grayscale. With Donald Trump assuming presidency in January, the SEC has displayed a welcoming stance towards the crypto sector, hosting public crypto roundtables and discontinuing numerous lawsuits against crypto companies.

The Tron network, a decentralized platform initiated by entrepreneur Justin Sun, has TRX as its native token, boasting a market capitalization of $22.9 billion, making it the ninth-largest cryptocurrency according to The Block’s price data.

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The firm has been actively engaged in submitting a series of crypto ETF filings to the SEC. These include prominent cryptocurrencies such as Dogecoin (DOGE), Solana (SOL), and XRP, among others. The move to initiate a SUI ETF was instigated just over a week after World Liberty Financial (WLFI), a decentralized finance (DeFi) platform affiliated with Trump, announced its intention to incorporate Sui assets into its token reserve, whilst also exploring potential product development opportunities.

This announcement had an immediate impact on SUI’s trading value, which currently sits at $2.34. The token has seen an impressive rise of over 52% in the past year, while the past month has seen a decline of approximately 31%. Canary Capital is anticipated to submit a 19b-4 document to the SEC, thereby formalizing its plans for a SUI fund.

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The 19b-4 filing is a crucial part of a two-stage process for proposing a crypto ETF to the SEC. Upon recognition by the SEC, the filing will be published in the Federal Register, thereby launching the agency’s approval process.

Hedera is a globally recognized decentralized public network that leverages the Hashgraph consensus algorithm to enable swift and secure transactions. Unlike most cryptocurrencies, Hedera is controlled by a council comprising renowned companies and organizations tasked with decision-making and token distribution.

As per the filing, “Even though the primary objective of the Hedera Network is not to function as a payment system or store of value like most public distributed ledger technology (DLT) networks, it necessitates a cryptocurrency to operate efficiently and encourage consensus and network behavior.”

Recent estimates by Bloomberg analysts suggest that Litecoin ETFs have the highest likelihood of approval (90%) among the wave of spot crypto ETFs. After Canary Capital’s 19b-4 filing for their HBAR ETF, Eric Balchunas of Bloomberg stated, “This follows their amended S-1 last week (which indicates SEC’s feedback, giving HBAR and Litecoin the best chances and the front-runner position among the current batch of altcoin ETF filings).”

Following this news, the price of Hedera’s token witnessed a slight surge on Monday, trading approximately at $0.22, according to The Block’s HBAR price data.

Disclaimer: The Block operates independently, providing timely, impactful, and unbiased information about the crypto industry. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures also invests in other crypto companies. Crypto exchange Bitget is an anchor LP for Foresight Ventures. This article is intended for informational purposes and should not be considered as legal, tax, investment, financial, or other advice.

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