Canary Capital seeks US SEC approval for Trump memecoin ETF

Canary Capital Group LLC is seeking the U.S. Securities and Exchange Commission's approval to list and trade an exchange-traded fund that tracks the price of a memecoin linked to President Donald Trump. 

In a registration statement filed on Tuesday, the firm proposed the Canary Trump Coin ETF. 

"The Trust provides investors with the opportunity to access the market for $TRUMP through a traditional brokerage account without the potential barriers to entry or risks involved with acquiring and holding $TRUMP directly," according to the filing. 

Other firms have also filed for ETFs that track the memecoin, including Tuttle and another between Osprey Funds and Rex Shares. Trump and his wife, First Lady Melania Trump each launched a memecoin shortly after Inauguration Day in January. The memecoins were criticized by Democratic lawmakers amid conflict-of-interest concerns. 

Canary's filing comes as the agency is weighing dozens of crypto ETF proposals under a friendlier regulatory environment, from ones tracking SOL to DOGE. More recently, firms have been proposing ETFs that include staking after the SEC asserted that most proof-of-stake features do not fall under its remit. Additionally, the agency later clarified that certain liquid staking activities do not involve securities.

Notably, the SEC also said in February that memecoins are not securities.

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