Crypto fund manager Canary Capital has filed to launch Wall Street’s first spot ETF directly tied to President Trump’s meme coin, TRUMP. Unlike earlier filings this year that proposed indirect exposure through Cayman subsidiaries and U.S. Treasuries, Canary’s application was made under the Securities Act of 1933, ensuring full and direct exposure to the token itself.
If approved, the Canary TRUMP Coin ETF would be backed by a reserve of TRUMP tokens held under strict custody rules, likely in the United States — a regulatory first for a meme coin ETF.
What could possibly go wrong?
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