In short
- If approved, the requested change of rule would make the list of truth social Bitcoin and Ethereum ETF possible
- Trump Media & Technology Group submitted a prospectus for the ETF that would follow the price of Bitcoin and Ethereum only eight days ago.
- The Truth Social BTC and ETH Fund promotes the increasing power of Trump Media with crypto.
On Tuesday, the New York Stock Exchange submitted a proposed change of rule to allow the list of an ETF of Trump Media & Technology Group, which would follow Bitcoin and Ethereum, according to a SEC entering.
The application comes only eight days after Trump Media, Through a partnership with Yorkville America, a prospectus for the Truth Social Bitcoin and Ethereum ETF, with a bitcoin of 75% and 25% Ethereum Holdings.
“The stock market is of the opinion that the proposed change of rule is designed to prevent fraudulent and manipulative actions and practices, because the shares will be stated and traded on the stock market in accordance with the initial and continuous list criteria in NYSE,” reads the sec entering.
Crypto.com will act as the preservator, the implementing agent and the liquidity provider.
The so-called 19B-4 rule changes are an important step in the regulation process for considering ETFs, but does not oblige the SEC to approve a product.
It is because the attitude of the agency towards crypto investments has been turned into a more favorable position under the new administration.
President Donald Trump has appointed Crypto supporters in the Upper Management Echelon of the Regulator, who share his recent functions on digital assets.
The application is not the first bond between Trump Media and Yorkville, that Previously sponsored the submission of the entity For a self -contained bitcoin ETF called the Truth Social Bitcoin ETF.
In addition to those two files, the pair and crypto.com want to offer a series of “America First” products, such as the America First Bitcoin Fund (AFFF), America First Blockchain Leaders Fund (AFBLF) and the America First Stablecoin Income Fund.
To date, only the truth has submitted Social Bitcoin ETF and the Truth Social Bitcoin and Ethereum ETF to the SEC.
The Truth Social Bitcoin and Ethereum Fund Fund further about Trump Media with Crypto.
At the end of May, it $ 2.4 billion collected To start his own Bitcoin Treasury, although the company does not yet have to announce acquisitions in the largest digital active in the world.
Trump Media operates social media site Truth Social, a streaming platform called Truth+, and a brand for financial technology called Truth.fi. President Trump is a majority of stakeholder in the company.
Bitcoin was recently traded at $ 106,000, an increase of 0.5% compared to the last 24 hours, according to Coingecko data.
This weekend it fell for the first time since the beginning of May after the US in the weekend below $ 100,000.
Ethereum changed ownership of around $ 2,440, an increase of approximately 1.1% since Monday.
Published by Sebastian Sinclair
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