SEC Faces New Crypto ETF Application—This Time With an American Twist
Canary Capital Group, a digital asset investment company based in the United States, has filed an S-1 registration statement with the Securities and Exchange Commission (SEC) to launch the Canary American-Made Crypto ETF (ticker: MRCA).
MRCA ETF filing (Source: SEC)
The exchange-traded fund intends to give investors direct exposure to cryptocurrencies developed, mined, or primarily operated in the United States.
The filing, dated Aug. 22, 2025, comes as the SEC continues to delay decisions on multiple crypto ETF applications, in line with the regulatory caution despite recent policy shifts.
The MRCA ETF’s Unique Approach
MRCA intends to provide investors with exposure to a strictly screened portfolio of U.S.-focused cryptocurrencies, tracking the Made-in-America Blockchain Index.
Administered by an oversight committee, the index will enforce strict eligibility criteria: assets must be custodied by a regulated bank or trust in the United States, maintain sufficient liquidity, and trade on approved platforms.
Stablecoins, memecoins, and pegged tokens are excluded, with the index rebalanced quarterly.
The fund will stake proof-of-stake assets through third-party custodians to generate additional returns, in line with the SEC’s Aug. 5, 2025, guidance that certain liquid staking arrangements are not securities.
This filing is a testament to the growing support for crypto investment products in the USA following the fast-changing regulatory policies.
The fund’s assets will be held in cold storage by a South Dakota-chartered trust company, not excluding leverage or derivatives.
If approved, it will trade on the Cboe BZX Exchange, offering a secure and transparent vehicle for investors seeking exposure to U.S.-based crypto projects.
Which U.S. Cryptos Could Power the MRCA ETF?
While the ETF’s final portfolio remains undisclosed, it is expected to include leading U.S.-related cryptocurrencies similar to indices like CoinMarketCap’s “Top Made in America Tokens by Market Cap.”
Some of the tokens that are potentially included are XRP (Ripple), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), and Stellar (XLM), all being projects based in the USA or founded by Americans.
Discussions in the crypto community on social media also point to XION, a New York-based proof-of-stake blockchain, as a possible candidate due to its domestic operations.
The “American-Made” branding leverages patriotic appeal, differentiating the ETF from international crypto funds and appealing to investors who want assets rooted in the United States.
Approval could boost the legitimacy of U.S.-based crypto initiatives and attract institutional capital, following the success of Bitcoin ETFs, which have drawn substantial inflows since their January 2025 launch.
Community discussions on X show optimism about the ETF’s potential to drive mainstream adoption, though some community members point to the dangers and risks from market volatility and regulatory uncertainty.
The filing is in line with the SEC Chair Paul Atkins’ plan “Project Crypto,” launched in July 2025 to clarify digital asset regulations.
Crypto ETFs Face Delays, but Companies Continue To Hope
The MRCA filing arrives at a time of a high backlog of SEC-delayed crypto ETF applications.
The SEC also postponed decisions on the NYSE Arca Truth Social Bitcoin and Ethereum ETF through Oct. 8, 2025; the 21Shares and Bitwise Solana ETFs through Oct. 16, 2025; the 21Shares Core XRP Trust through Oct. 19, 2025; the WisdomTree XRP Fund through Oct. 24, 2025; and Canary’s PENGU ETF through Oct. 12, 2025.
Canary Capital has also filed Solana, XRP, Sui, Tron, and HBAR-related ETFs that are still pending review.
Despite these delays, the SEC’s new staking rule promises hope for vehicles like the MRCA.
Approval remains uncertain given the agency’s strict scrutiny, but approval could set a precedent for U.S.-based crypto investment products, which could ultimately change the market for institutional and retail investors.
