The prospects of another Trump memecoin ETF filing have gained momentum after the latest Delaware registration by Canary Capital.
On Wednesday, Canary Capital registered the Canary Trump memecoin ETF with the Delaware State Department, according to its website. The filing, which is one of the first steps in launching an ETF product, has triggered speculation of an impending official application with the US Securities and Exchange Commission.
Another Trump Meme ETF Imminent
Bloomberg senior analyst Eric Balchunas buttressed the recent Delaware registration, suggesting that Canary is preparing to file for the first Act 33 ETF tracking the Trump-affiliated token. For the uninitiated, 33 Act exchange-traded funds are registered under the Securities Act of 1933, allowing investment in alternative assets with softer oversight.
He deduced this from the filing, highlighting that Canary registered the entity name as a statutory trust. Earlier filings, like the Tuttle 2x ETF for both the Trump and Melania coins, were under the Investment Company Act of 1940 (40 Act).
Meanwhile, if Canary Capital files for a Trump Coin ETF as the Delaware registration suggests, it would join the long altcoin ETF waitlist. It would also accompany a combined effort from the Osprey Funds and REX Shares to file the REX-Osprey Trump ETF as a fund offering spot exposure to the token. Notably, the latter submitted its application with the US SEC on January 21.
Bold Prospect Of a Memecoin ETF
Under the formal US SEC regime, the prospects of a memecoin ETF were seemingly impossible, considering the tightened regulatory landscape. However, with Trump’s election and a change in power in the Commission, altcoin ETFs, especially meme-based funds, have had a fighting chance.
Moreover, the US SEC does not see meme coins as securities, a sentiment that would further ease their approval. The agency’s Division of Corporate Finance made this disclosure in February, classifying them as collectibles.
Leading the line are the Dogecoin ETFs, which have seen prominent asset managers like Bitwise, Grayscale, and 21Shares file for. Bitwise recently amended its application to include in-kind creation and redemption, a feature now seen in the Bitcoin and Ethereum spot ETFs.
Meanwhile, there is also a BONK ETF filing, but none yet for Shiba Inu and Pepe. Nonetheless, the Shiba Inu ecosystem team remains optimistic that asset managers will look its way soon.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
