# 2025-20688: SEC Probes Weird World of Staked Crypto Canary ETF

2025-20688, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Canary Staked INJ ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-11-24, effective 2025-11-26 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-20688
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-20688
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Canary Staked INJ ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 53043
- Published: 2025-11-24
- Effective: 2025-11-26
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Probes Weird World of Staked Crypto Canary ETF

## Summary

The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the Canary Staked INJ ETF, a new commodity-based fund. This affects investors interested in this ETF and could open up fresh trading opportunities soon. The SEC will make its decision by November 26, 2025, which could impact how and when these shares become available to trade.

## Effects PRIA read

- SEC decision on ETF listing: mixed, low. If you invest in ETFs, the SEC will decide by November 26, 2025 whether to approve or disapprove listing and trading of the Canary Staked INJ ETF on the Cboe BZX Exchange. If approved, those shares could become available to trade on the Exchange; if disapproved, they would not be listed.
- ETF will hold and may stake INJ: benefit, medium. If you buy shares of this Trust, its assets will consist only of INJ, cash, and cash equivalents, and the Sponsor may stake some or all of the Trust's INJ through trusted staking providers so the Trust would receive all or a portion of any staking rewards. The Trust will value its Shares daily as o…
- Public comment and rebuttal deadlines: benefit, low. You may submit written comments on the proposal by December 15, 2025, and any rebuttal comments by December 29, 2025; submissions will be posted on the SEC website. The Commission invites views on whether the proposal meets Section 6(b)(5) of the Exchange Act and will consider requests for oral pre…

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- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-20688 on federalregister.gov](https://www.federalregister.gov/documents/2025/11/24/2025-20688/self-regulatory-organizations-cboe-bzx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-20688 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-11-24/pdf/2025-20688.pdf)

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Source: PRIA, https://policyrisk.com/federal-register/2025-20688 (as of 2026-06-08).