Canary Capital files S-1 for staked Cronos ETF
Canary Capital files S-1 for staked Cronos ETF
The fund is being formed and will provide direct exposure to CRO the native token for Cronos blockchain. Care to read their S-1 filing read it here.
SEC softens stance on staking
It is well documented that Gary G's SEC was intent on crushing the entire Crypto realm. The new administration has fully embraced it, this is not news! What is news is how the SEC is coming around to the idea of staking Crypto and the potential to unlock more economic growth from actual investment. The Canary fund aims to earn extra tokens through on-chain staking. One potential call out item is all unstaking activities are subject to a 28-day mandatory unbonding period, which directly impacts transfers and fund availability.
Who will hold/maintain the trust?
Foris DAX Trust Company will be the official custodian. The staking will be performed via validated infrastructure providers.
What do we know about Foris DAX Trust Company?
Foris DAX Trust Company LLC (d/b/a Crypto.com Custody Trust Company) is a non-depository trust company chartered by the New Hampshire Banking Department. Hmm, this might be a bit too cozy of a relationship for me to get behind. I need to spend more time understanding how they maintain proper separation.
Summary
I am super excited to see the SEC soften their stance on Staking and unlocking the potential economic stimulus from investment. I am not super exited about the 28-day unbonding period. All in all still a net positive direction for our industry.
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