The US Securities and Exchange Commission will only decide the Truth Social Bitcoin ETF at least on 18 September.
Summary
- The SEC said it needs more time to assess the Social Bitcoin ETF truth.
- A decision is expected in September.
- It falls within the Standard SEC assessment process, which makes it possible for a final decision for up to 240 days.
On Monday the committee said it had done extended The assessment period for the proposed fund, which NYSE Arca has submitted on behalf of Yorkville America Digital, the Asset Manager who collaborates with Trump Media and Technology Group (TMTG).
The delay pushes the initial deadline of 4 August by 45 days, giving the agency more time to evaluate the application in the context of its commodity-based Trust Share Framework.
Is this unusual for a Bitcoin ETF application?
Not special. According to the current SEC rules, the committee has up to 240 days from the date of submission to properly approve or refuse an ETF proposal, making multiple extensions on the road possible.
In this case, the Truth Social Bitcoin ETF was submitted on 3 June, so that the extension of 18 September was part of the standard assessment process.
The SEC said that it needs more time to consider the proposal and all the problems that were discussed during the assessment period. Although no formal objections have been noticed so far, the ties of the fund with Trump -Media have recorded a control of critics who are concerned about political influence and conflicts of interest.
This ETF would, if approved, the first cryptocurrency-related product traded on the stock market that is directly linked to the business interests of a current US presidential candidate.
For those who are not aware, President Donald Trump is the majority owner of TMTG, although his interest is held in a trust managed by his son, Donald Trump Jr.
Bitcoin ETF from Truth Social is not the only product. On the same day the SEC delayed Decisions about the proposed Solana Trust of Grayscale, which extends its assessment until October 10. In addition, the planned litecoin -eetf from Canary Capital is confronted with a similar delay.
Why have the SEC decisions about crypto ETFs delayed?
Even if Crypto ETF’s have become popular since the approval of the first place Bitcoin ETF in January 2024, new proposals, in particular those with Altcoins and having provisions such as setting, are confronted with regulatory wind wounds because of their relatively new structures.
Commissioner Hester Peirce, known for her pro-Crypto attitude and often referred to as ‘crypto-mother’, addressed The delays in a May interview with Bloomberg.
“We have a number of continuous lawsuits that we are trying to work,” she said, adding that internal discussions and overlapping jurisdictie issues contribute to the long -term assessment period lines.
Trump Media enters completely
In addition to his Bitcoin all-out, TMTG has submitted two other cryptocurrency ETF proposals.
The second, submitted on 24 June, is a product with double asset called the Truth Social Bitcoin and Ethereum ETF. The fund structured as a commodity-based trust, would have 75% Bitcoin and 25% Ethereum, using Foris Dax Trust Company (a Crypto.com branch) as a custody.
The third proposal is the Truth Social Crypto Blue Chip ETF, which would offer exposure to a diversified basket with digital assets, including Bitcoin, Ethereum, Solana, Cronos and XRP.
In addition to ETFS, Trump Media recently indicated plans to launch a utility to launch his truth social and truth+ platforms, and has submitted two AI -related trademarks.
