According to @EricBalchunas, Canary has registered the name and entity as a statutory trust under the Securities Act of 1933, which he says indicates preparation to file what could be the first Trump Coin ETF via the '33 Act. According to @EricBalchunas, Tuttle has separate Trump and Melania coin ETFs filed under the Investment Company Act of 1940, signaling competing product approaches. According to SEC rules, '33 Act statutory trusts have been the structure used for spot commodity ETPs like spot BTC ETFs, while '40 Act funds have historically been constrained to futures-based or diversified exposures, affecting custody, leverage and portfolio construction. According to SEC procedures, no approval is implied by these steps and any listing would remain subject to SEC review, so traders should differentiate structure-driven risks such as spot versus futures exposure, tracking behavior and creation/redemption mechanics.