Crypto.com and asset manager Canary Capital are launching a US investment fund designed to provide exposure to the Cronos blockchain’s native token, CRO, the cryptocurrency exchange said in a statement.

The Canary CRO Trust will hold the Cronos (CRO) token in a regulated fund wrapper, Crypto.com said, adding that the trust is not an exchange-traded fund (ETF) and is only available to accredited investors. 

Creating regulated funds such as CRO Trust is part of Crypto.com’s plan for “further mainstreaming crypto,” Eric Anziani, president and chief operating officer of Crypto.com, said in a statement.

In March, the crypto exchange partnered with Trump Media & Technology Group, a company affiliated with US President Donald Trump, to launch a series of Trump-branded ETFs, including one holding CRO.

The Trump Media ETFs are still awaiting approval from the US Securities and Exchange Commission (SEC), which has not yet authorized any CRO ETFs for US trading, Crypto.com said.

Cronos has a total value locked of nearly $440 million. Source: DefiLlama

Related: 21Shares launches ETP for Crypto.com’s Cronos token

Cronos ecosystem

Cronos is a layer-1 blockchain network affiliated with Crypto.com. The chain is designed to integrate with the Ethereum and Cosmos ecosystems and support decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other Web3 applications.

The chain has a total value locked (TVL) of nearly $440 million, according to data from DefiLlama. Its most popular application is VVS Finance, a DeFi platform for token swaps and yield farming.

The CRO token has a market capitalization of roughly $880 million as of May 19, according to Cointelegraph’s market data. 

Altcoin ETF filings

Since Trump took office in January, he has signaled a more crypto-friendly approach to regulation, prompting asset managers to seek to list roughly 70 new crypto ETFs.

In May, asset manager VanEck filed to list an ETF tied to another exchange-affiliated token, BNB Chain’s native BNB. The chain is affiliated with Binance, the world’s largest centralized exchange.

The same month, 21Shares launched an exchange-traded product (ETP) in Europe offering exposure to Crypto.com’s CRO token. 

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In one of his first speeches since becoming chair of the US Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some of the regulatory concerns around the cryptocurrency industry.

In prepared remarks for a May 19 speech, Atkins said it was a “new day” for the crypto industry under the current leadership of the SEC. He suggested that the financial regulator would be more open to “adapt to and accommodate new developments” while still abiding by its statutes.

“The crypto markets have been languishing in SEC limbo for years,” said Atkins, adding:

“While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to ‘clear the brush’ through staff-level statements.”

Even before Atkins stepped into the role of SEC chair, the commission’s actions under Donald Trump suggested that it would radically depart from the direction of former chair Gary Gensler. In 2025, the SEC has dropped several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.

Related: CFTC commissioner to leave agency on May 31

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation,” said Atkins. “The markets innovate, and the SEC should not be in the business of telling them to stand still.”

Looking to Congress for market structure

Atkins’ remarks came as US lawmakers considered draft legislation to establish a regulatory structure for crypto markets. The proposed bill, moving through the House of Representatives, could clarify the roles the SEC and Commodity Futures Trading Commission (CFTC) have in overseeing and regulating digital assets.

Until the legislation passes Congress and is signed into law, the SEC’s rules and guidelines over crypto could face pushback from affected parties.

The SEC chair has given opening remarks and overseen the commission’s roundtable events, discussing regulatory issues surrounding digital assets and blockchain. The next event, scheduled for June 9, will cover decentralized finance.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered 

Ripple, the creator of cryptocurrency XRP (XRP), launched cross-border blockchain payments in the United Arab Emirates (UAE), a development that could spur the adoption of cryptocurrency in a country receptive to digital assets.

Zand Bank, the UAE’s first all-digital bank, and Mamo, a fintech company that offers a digital payment platform for businesses, will be the principal users of the blockchain payments system, according to a May 19 Ripple announcement.

Zand Bank and Mamo will use “Ripple Payments” to facilitate cross-border blockchain payments.

Ripple Payments is a platform that combines stablecoins, cryptocurrency, and fiat to enable payments and quick settlement times, a feature of Web3 that cross-border traditional finance payment systems often lack. Ripple was licensed to offer crypto payments by the Dubai Financial Services Authority (DFSA) in March.

Reece Merrick, Ripple’s managing director for the Middle East and Africa, said acquiring this license “enables Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs.”

Related: Ripple, Chipper Cash partner for faster and cheaper African remittances

UAE ranked 56 out of 151 countries for crypto adoption

Chainalysis, a blockchain data platform, ranked the United Arab Emirates 56th out of 151 countries for crypto adoption, according to a 2024 report. The country scored high in decentralized finance, stablecoin use, and altcoins.

The UAE has made some changes that may further increase its ranking. Various emirates, including Abu Dhabi and Dubai, have attempted to establish themselves as crypto hubs.

In December 2024, Tether’s USDt (USDT) became an accepted virtual asset in Abu Dhabi. In 2025, Circle’s USDC (USDC) and EURC became the first stablecoins recognized under the emirate’s crypto token regime.

The country is also continuing plans to establish a digital dirham, which would be a central bank digital currency.

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced more oversight for crypto asset activities, specifically margin trading and token distribution. There will be a 30-day transition period, and affected companies will be expected to comply with the new rules by June 19. 

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