The U.S. Securities and Exchange Commission (SEC) has acknowledged Canary Capital’s application for a staked exchange-traded fund based on Tron (TRX), paving the way for public comments. While this acknowledgment marks progress, the SEC has also postponed its decision on several other high-profile crypto ETFs, including Bitwise’s XRP ETF, CoinShares’ XRP ETF, and Fidelity’s in-kind Bitcoin ETF. These delays are not unexpected, given the SEC’s history of scrutinizing these types of proposals. 2025 marks a continued period of wait for potential approval of major crypto ETFs, likely with decisions expected later in the year, possibly by Q4. This recent development, however, signifies a positive step for the future of crypto-based ETFs.