US digital asset investment firm Canary Capital Group has filed with the Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF (MRCA).
According to a Friday filing, the proposed fund would track an index of cryptocurrencies created, mined or primarily operated in the United States, with shares slated to trade on Cboe BZX under the ticker MRCA. The trust also plans to stake its proof-of-stake holdings through third-party providers, adding rewards to its net asset value.
The Made-in-America Blockchain Index will admit only assets that meet strict criteria set by an oversight committee. Tokens must be eligible for custody with a regulated US trust or bank, maintain minimum liquidity, and trade on multiple established venues.
Stablecoins, memecoins, and pegged tokens are excluded, and the index will be rebalanced quarterly.
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The trust will provide direct exposure to these assets without leverage or derivatives, while custody will be handled by a South Dakota-chartered trust company, with most assets kept in cold storage.
According to Coinmarketcap’s “Top Made in America Tokens by Market Cap” index, some projects with American roots that would likely be in the index include XRP (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), and others.
The filing follows Canary’s recent application for a Trump Coin ETF, tied to the US President’s memecoin launched in January ahead of his inauguration. Canary has also filed for ETFs tied to SOL, XRP, SUI, and TRX, which currently all remain under SEC review.
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On the heels of a shift in US policy
Canary’s latest ETF filing comes amid a broader pivot in US crypto policy. In July, former SEC Commissioner Paul Atkins launched “Project Crypto,” a plan to bring the regulator into the digital finance era by setting clearer guidelines for cryptocurrencies and tokenized assets in the US.
On Aug. 5, the SEC also issued a staff statement clarifying that specific liquid staking arrangements do not fall under securities laws, a move that could open the door for staking-based ETFs like Canary’s.
The SEC continues to push back decisions
Despite its softened stance toward cryptocurrency, the SEC has continued to exercise caution when approving crypto ETFs.
This month, the agency delayed several crypto ETF filing decisions, including NYSE Arca’s Truth Social Bitcoin and Ethereum ETF to Oct. 8, while 21Shares and Bitwise’s Solana ETFs were delayed to Oct. 16, and the 21Shares Core XRP Trust to Oct. 19.
The SEC on Monday extended its review of Cboe BZX Exchange’s proposal to list and trade shares of the WisdomTree XRP Fund as a commodity-based trust ETF, setting Oct. 24, 2025, as the new deadline.
The same day, it also pushed back a decision on the Canary PENGU ETF, giving itself until Oct. 12, 2025, to issue a ruling.
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