Canary Capital bid to manage the S-1 registration statement to the Securities and Exchange Commission on Friday to manage the first CRO exchange transaction funds in the United States, including the steaking components.
The proposed fund is directly exposed to the price of the CRO, the default cryptocurrency of the Cronos blockchain and is closely related to the ecosystem of cropto.com. Crypto.com acts as a manager and liquidity provider of the fund, according to the report.
The Trust plans to potentially generate additional returns to investors by risking some of the assets through one or more steaking providers. It reflects the structure used by the existing Spot Bitcoin and Etherum ETF, but if you are regulated in the future, it will support spot repayment.
“ETF was an effective means of expanding investor participation in encryption and further integrating digital and traditional financial functions,” said Crypto.com, president and COO ERIC ANZIANI. “We are very happy to see this important stage for all US investors who have the opportunity to interact with CRO through ETF with Canary Capital.”
Cronos is an EVM compatible blockchain developed for power Defi, NFT and Web3 applications on crypto.com. Based on the COSMOS SDK, this product enables cheap transactions and cross -chain interoperability with CROs used for commissions, governance, and staying.
In recent weeks, Canary has submitted numerous encryption ETFs, including the Applications of SPOT TRON ETFs, including funds and stalking elements related to Pengu, SUI, HEDERA, and Litecoin.
Last month, Trump Media launched a series of ETFs by signing a binding contract with Crypto.com and asset management firm YorkVille America Digital. This is expected to form a variety of digital assets and securities with the “Made in American” focus. In March, Cronos had a controversy over the proposal to reissue 6 billion CROs ($ 6.9 billion) in 2021 during the ETF application plan of Crypto.com.
Other asset managers, such as Bitwise, GrayScale, Franklin Templeton and REX stocks, include products focused on XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin and Polkadot. I’m looking for it. Flurry is expected to provide more friendly ears than before and before the previous Biden era in the new era of institutions under the pro -Crypto Trump administration.
According to the CronOS price page, CRO trades about 6%after the news on Friday, after $ 0.098.
CRO/USD price chart. Image: Block/Trading View.
The SEC says that the steaking activity proof does not form a securities trading.
Submission of Canary Capital is one day since the SEC’s Corporation Finance department said that the staying activity for the steak proof network does not form a securities transaction.
“Therefore, the department’s view is that people who participate in the protocol staying activities do not need to register in the committee’s transaction under the Securities Act,” the statement said.
The department says that the view is applied to the “cover encryption asset” stake for assistant services such as steak proof network, activity of other service providers such as managers and nod operators, and auxiliary services such as early staying.
“Today’s statement provides clarity of welcome to American stakes and” staying-service “suppliers.
Rebecca Rettig, the chief legal director of JITO LABS, said that the SEC’s announcement summarized the way Crypto ETFS included the first stage.
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