Solana News Today: Regulators Back Staking ETFs—Canary Seeks Yield-Driven Future

The U.S. Securities and Exchange Commission (SEC) has initiated a 21-day public comment period for Canary Capital’s proposed staked Injective ETF, signaling continued regulatory momentum for staking-related exchange-traded funds. The filing, submitted on August 25, 2025, outlines an ETF that would track the Injective (INJ) token while integrating staking rewards into its net asset value. If approved, the fund is expected to trade on the Cboe BZX Exchange, with Canary having already established a Delaware trust to support its structure. The fund would mirror similar products already available internationally, such as 21Shares’ Injective Staking ETP in Europe, and aligns with recent regulatory clarity that has reduced barriers for proof-of-stake products in the U.S. market [1].

This move follows closely on the heels of the first approved U.S. staking ETF—the Solana Staking ETF managed by REX-Osprey—which marked a regulatory shift in how the SEC interprets proof-of-stake mechanisms. In recent months, the SEC has clarified that many proof-of-stake features and certain liquid staking activities fall outside the scope of securities laws, a development that has lowered the regulatory hurdles for firms seeking to bring staking-based products to market. This shift is being seen as a key enabler for a broader range of staking ETFs, particularly in the wake of the agency’s July staff statement that provided additional guidance on staking arrangements [1].

Canary Capital’s staked Injective ETF is one of several crypto-focused proposals the firm has submitted in recent weeks. The firm has also filed for a so-called “Made in America” crypto ETF, which would include tokens from U.S.-based blockchain projects, such as Solana (SOL), Chainlink (LINK), and Injective (INJ). Additionally, Canary has submitted a spot Trump (TRUMP) ETF, a unique product tied to the meme coin linked to U.S. President Donald Trump. The Trump ETF filing highlights the firm’s strategy of capturing niche and politically driven market segments, leveraging the regulatory flexibility seen in recent months [1].

The broader regulatory environment for crypto ETFs in the U.S. has been marked by both progress and caution. While the SEC has shown a more permissive stance—especially on staking-related products—several crypto ETF applications remain under review. Notably, the SEC has delayed decisions on multiple ETFs, including Solana and XRP proposals, with rulings expected as late as October 2025. Despite these delays, the recent clarity on staking has encouraged market participants to submit a growing number of applications, with Canary and others pushing the boundaries of how traditional and digital finance can intersect [1].

The potential approval of the staked Injective ETF could have significant implications for both investors and the crypto market. By offering a regulated vehicle to access proof-of-stake rewards, the product could attract institutional and retail investors seeking yield in a more structured format. At the same time, it may encourage other blockchain projects to adopt proof-of-stake models that align with regulatory expectations. The 21-day comment period will provide stakeholders with an opportunity to weigh in, but the overall trajectory suggests that the U.S. market is moving toward broader acceptance of staking-based investment products [1].

Source: [1] SEC opens comment period for Canary's staked Injective ETF (https://crypto.news/sec-opens-comment-period-for-canarys-staked-injective-etf/)