Solana News Today: Will SEC Approve First Politically Themed Meme Coin ETF?

The Depository Trust & Clearing Corporation (DTCC) has listed the Canary Trump Coin ETF (TRPC), marking a procedural step toward potential trading of the politically themed cryptocurrency product. The listing, announced on October 7-8, 2025, signifies backend infrastructure readiness but does not imply regulatory approval from the U.S. Securities and Exchange Commission (SEC) . Canary Capital Group initially filed the S-1 registration statement with the SEC on August 26, 2025, seeking to establish the first U.S. ETF tied to a Solana-based meme coin inspired by Donald Trump . The DTCC listing aligns with standard preparatory steps for ETF launches, enabling logistical readiness should the SEC grant approval .

The Trump Coin ETF focuses on a Solana-based meme token, reflecting the growing trend of politically influenced cryptocurrency narratives. The token, launched in January 2025, has experienced significant volatility, with its price declining approximately 80% from January highs before surging to $9.63 at press time. Its market capitalization now stands at $1.9 billion, ranking it as the fifth-largest meme coin . The ETF's structure aims to provide institutional exposure to the Trump Coin through traditional brokerage accounts, circumventing the need for self-custody of the digital asset . Canary Capital's filing candidly acknowledges the token's lack of blockchain-based utility, emphasizing its value is driven by political affiliation and online community sentiment .

Canary Capital registered the ETF entity in Delaware on August 13, 2025, formalizing its intent to pursue a spot ETF for the Trump Coin . This move followed a surge in the token's trading volume, which increased by over 58% within 24 hours of the registration announcement. The firm's broader strategy includes developing multiple altcoin-based ETFs, diverging from industry norms that prioritize Bitcoin and Ethereum. The Trump Coin ETF, alongside a proposed PENGU ETF targeting another meme coin, underscores Canary's focus on high-volatility, speculative assets .

The regulatory landscape for meme coins has evolved under the Trump administration, with the SEC announcing in February 2025 that meme coins are not classified as securities, removing them from direct regulatory oversight . This shift has prompted firms like Canary to explore innovative ETF structures. However, the SEC's approval process remains a critical hurdle. The agency has delayed decisions on several altcoin ETFs this year, including the Trump Coin ETF, and no futures markets exist for the Trump Coin, complicating potential approval . Analysts note that spot ETFs typically require at least six months of active futures trading before SEC endorsement, a criterion the Trump Coin currently fails to meet .

Market participants remain cautiously optimistic. The DTCC listing follows similar infrastructure preparations for other crypto ETFs, including Fidelity's Solana ETF and Canary's XRP and Hedera ETFs. While the Trump Coin ETF's approval is uncertain, its filing has already influenced market dynamics. The token's price surged 4.64% within 24 hours of the registration announcement, and its market cap surpassed $1.9 billion . If approved, the ETF could set a precedent for politically linked digital assets, potentially reshaping how the SEC evaluates speculative, community-driven tokens .

The broader crypto ETF market is expanding rapidly, with over 100 new products expected to launch in the coming year. Institutional demand for altcoins like Solana and XRP has driven record inflows, with $5.95 billion entering the sector globally in 2025 . The Trump Coin ETF, if approved, could further diversify this landscape, offering a unique intersection of political influence and financial innovation. However, its success hinges on the SEC's ability to balance regulatory caution with market demand, a challenge that will define the future of crypto ETFs.