This ETF filing, made under Form S-1, marks a formal regulatory review process amid ongoing delays from the SEC on several other spot crypto ETF applications, including those from Canary and Grayscale, with no approvals granted yet for U.S.-listed spot crypto ETFs.

Canary Capital has filed plans with the SEC to launch the Canary American-Made Crypto ETF, which will focus on U.S.-developed digital assets and track the Made-in-America Blockchain Index, aiming to provide direct exposure to American cryptocurrencies.

The proposed ETF will include cryptocurrencies primarily developed or mined in the U.S., such as XRP, Solana, and others, and will avoid derivatives, focusing instead on actual tokens to ensure transparency and simplicity.

It aims to lower barriers for traditional investors by offering exposure to U.S.-based cryptocurrencies through conventional brokerages, similar to the success seen with Bitcoin and Ethereum ETFs that increased liquidity and market participation.

In addition, Grayscale has proposed converting its Avalanche Fund into a publicly traded trust on Nasdaq, with Coinbase as custodian, allowing investors to gain exposure to Avalanche's AVAX token without direct custody.

The ETF will participate in blockchain staking to generate incentives, potentially providing passive income to investors and attracting more interest in U.S.-based crypto assets.

This move reflects a broader trend toward regulated, straightforward crypto investment options, indicating a shift toward safer investment methods in the crypto space.

Despite regulatory openness, the SEC continues to delay decisions on multiple crypto ETF filings, including those from NYSE Arca and others, with deadlines extending into October 2025.

The ETF's assets will include tokens mainly minted or mined in the U.S. and networks with significant U.S. operations, aiming to mirror the index's performance and generate income through activities like staking.

This initiative has sparked social media debates about which cryptocurrencies qualify as American, with discussions about Bitcoin potentially being considered an American asset.

If approved, the ETF will be listed on the Cboe BZX Exchange under the symbol MRCA, enabling retail and institutional investors to trade via standard brokerage accounts.

The SEC’s public input process on this filing highlights ongoing efforts toward transparency, although no specific timeline for approval has been announced, indicating continued momentum for crypto-backed investment vehicles.