The first ETF application has been made for TRX (Tron).
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Introduction
A new exchange-traded fund (ETF) called “Canary Staked TRX ETF” has been filed with the Securities and Exchange Commission (SEC).
ETF; A fund or funds consisting of single or various cryptocurrencies that operate in cryptocurrency markets and a Blockchain network, indexed to the price of one or more cryptocurrencies and following the same price and value are called crypto ETFs.
Is an ETF Starting for TRX?
The ETF application for Tron was made by the US investment institution Canary Capital. With the newly applied ETF, it will follow the price and value of the Tron network token TRX one-to-one and also offer staking payments. Canary Capital has filed an application with the US Securities and Exchange Commission (SEC) to be traded as an exchange-traded fund.
If the TRX Fund is approved, a portion of the TRX balances in the fund will be invested through third-party staking providers. The responsibility for storing cryptocurrencies will be assumed by BitGo, which provides cryptocurrency custody and security services.
Conclusion
Former US SEC Chairman Gary Gensler had a strict stance against crypto ETFs during his term. Under the leadership of new chairman Paul Atkins, known for his crypto-friendly views, the SEC has a very high rate of looking favorably on staking-enabled ETFs. If the "Canary Staked TRX ETF" is approved and launched, it will be the first product in the US to offer staking returns among spot crypto ETFs. Time will tell whether this development will lead to a significant development in the TRX (Tron) price.
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