The application by Trump Media for a Truth Social Bitcoin and Ethereum exchange-traded fund has been formally acknowledged by the US Securities and Exchange Commission.
The US Securities and Exchange Commission (SEC) has acknowledged an application by Trump Media for a cryptocurrency exchange-traded fund (ETF). On 7 July, it officially accepted a filing for a new Truth Social Bitcoin and Ethereum ETF.
This means that the process for approving or rejecting the fund, which would provide exposure to both Bitcoin and Ethereum, has now begun. The proposed ETF will appear on NYSE Arca, holding 75% Bitcoin and 25% Ether.
Backed by physical crypto assets and managed by Yorkville America Digital, it will have Foris DAX Trust Company, operating as Crypto.com, acting as custodian. All digital assets will be held in cold storage and kept separate from the custodian’s other accounts to enhance overall security.
Daily valuations for the ETF will be based on reference rates from CME CF. These aggregate pricing data from several leading cryptocurrency exchanges. This latest filing comes as interest in crypto ETFs continues to grow. In response to an increase in applications for such funds, the SEC is seeking ways to streamline the listing process.
While the agency has yet to approve a spot Ether ETF, its recognition of this new application may suggest a softening in its approach. Many analysts consider these kinds of moves a positive step for the sector.
What links Trump to the Truth Social ETF?
The proposed fund from Trump Media shares a close link with Truth Social, Donald Trump’s social media platform. Despite the ETF not directly referring to the president, he remains the majority shareholder of Trump Media. The company, based in Sarasota, Florida, consists of a trust controlled by his son, Donald Trump Jr.
What is the future outlook for digital asset regulation?
Recent reports have indicated that the Trump administration is preparing a detailed policy paper on Bitcoin and digital assets. Government officials plan to finalise and release the paper around 22 July.
There are rumours from some sources that the paper could explore the possibility of a national Bitcoin reserve. Such a move would mirror an earlier policy decision from El Salvador, and address fairer banking access for crypto firms through the Federal Reserve.
Currently, the SEC is actively working through the details of the existing ETF applications. The agency is also in the process of developing a broader framework for handling exchange-traded crypto products (ETPs).
Meanwhile, the SEC has delayed its decision on Fidelity’s proposed spot Solana ETF. Instead, it has opened a new public comment window. The public now has 21 days to submit comments and 35 days for rebuttals after the filing appears in the Federal Register.
Many in the crypto industry expected the SEC to delay its decision. It reflects the gradual manner in which the SEC has treated altcoin secured or tied ETFs so far.
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