Canary Capital filed for a TRUMP ETF aimed at directly holding the Official Trump token, which has drawn scrutiny from analysts regarding its regulatory prospects. Eric Balchunas, a Bloomberg ETF analyst, highlighted that ETFs must have a futures product active for at least six months, a requirement the Canary TRUMP fund currently does not meet. Although the fund could potentially follow a different regulatory path under the Investment Company Act of 1940, it faces a lengthy approval process with the SEC. The Official Trump token, launched in January before Trump's return to the White House, currently holds a market cap of $1.67 billion but has seen a significant decline from its peak. Balchunas expressed skepticism about the ETF's approval, emphasizing that securities involved could be speculative, and noted the importance of cautious cryptocurrency selection for ETF issuers.

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