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The U.S. Securities and Exchange Commission (SEC) has pushed backmost its determination connected whether to o.k. an exchange-traded money (ETF) projected by Truth Social, the societal media level affiliated with Donald Trump.
The delay, announced Monday, gives the bureau until September 18 to determine connected whether to o.k. the Truth Social Bitcoin ETF. The money exertion was submitted successful June by Trump Media & Technology Group, which operates the societal level and has progressively positioned itself arsenic a subordinate successful the crypto market.
Truth Social’s bitcoin money is 1 of respective crypto ETFs caught successful a broader regulatory intermission nether caller SEC Chair Paul Atkins. Atkins’ squad connected Monday besides postponed decisions connected the Grayscale Solana Trust and Canary Capital’s projected Litecoin ETF.
This is the latest successful a drawstring of postponements by the SEC nether recently appointed Chair Paul Atkins. The SEC typically takes the maximum magnitude of clip — 270 days — to o.k. ETF applications. Behind the scenes, the bureau has been successful talks with money issuers astir cardinal sticking points specified arsenic staking and the mechanics of in-kind redemptions — peculiarly those related to pending Solana-based ETF applications, CoinDesk antecedently reported.
Truth Social’s Bitcoin ETF comes a twelvemonth and a fractional aft the SEC, nether erstwhile Chair Gary Gensler, greenlit a batch of spot bitcoin ETFs that person collectively drawn implicit $55 cardinal successful capitalist inflows since launching successful January.
In its Monday filing, the SEC said it was extending the reappraisal play for the Truth Social Bitcoin ETF to “allow capable clip to see the projected regularisation alteration and the issues raised therein.”
Truth Social is besides pursuing further crypto products. The institution precocious filed for the Truth Social Crypto Blue Chip ETF and a dual bitcoin and ethereum ETF.
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