Canary Capital files 'American-Made' crypto ETF amid SEC delays
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, which would trade under the ticker MRCA on the Cboe BZX exchange.
According to the filing, the proposed fund is intended to track a "Made-in-America Blockchain Index" composed only of cryptocurrencies that were created, mined, or are primarily operated in the United States. The index will admit assets that meet strict oversight criteria: 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 will be excluded, and the index will be rebalanced quarterly.
The trust plans to provide direct exposure to the included assets without using leverage or derivatives. It will custody assets with a South Dakota–chartered trust company and intends to keep most holdings in cold storage. For proof-of-stake assets, the trust said it will stake through third-party providers and add staking rewards to the fund’s net asset value.
Examples of projects with American roots that the filing noted as likely candidates for the index include XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), and others.
The MRCA filing follows Canary’s recent application for a Trump Coin ETF and other single-asset ETF filings tied to SOL, XRP, SUI and TRX, all of which remain under SEC review.
Context: regulation and timing
Canary’s filing comes amid a broader shift in U.S. crypto policy. In July a former SEC commissioner launched an initiative called "Project Crypto" aimed at clarifying how the agency should approach tokenized assets in the United States. On August 5, the SEC issued a staff statement clarifying that certain liquid staking arrangements do not fall under securities laws, a development that could make staking-based ETFs more viable.
Despite those developments, the SEC has continued to delay several crypto ETF decisions. Recent filing deadlines pushed forward by the agency include new target dates in October 2025 for a number of proposals — examples cited in the filing record include Oct. 8, Oct. 16, Oct. 19, Oct. 12 and Oct. 24, 2025 for various ETF applications and exchange listing proposals.
Canary’s MRCA proposal adds to a wave of crypto-related ETF filings and highlights continuing tension between product innovation from issuers and the SEC’s cautious review timeline.
