The U.S. Securities and Exchange Commission (SEC) on Monday delayed its decision on the proposed Truth Social Bitcoin exchange-traded fund (ETF), extending the review deadline from August 4 to September 18.
The fund, backed by the Trump Media & Technology Group, is seeking approval to list the Truth Social Bitcoin ETF on the NYSE Arca under the SEC's commodity trust shares framework.
The agency has up to 270 days to approve or deny the ETF application, indicating that the extension of the review period is to allow more time to assess the proposal and any issues raised.
The Trump-backed Bitcoin ETF is not the only fund facing SEC delays today. The agency also postponed its decision on the Grayscale Solana Trust, extending it to October 10, as well as the proposed Litecoin ETF from Canary Capital.
SEC Commissioner Hester Peirce, known as "Crypto Mom" for her pro-cryptocurrency stance, recently urged industry stakeholders to expect slower approvals. In a May interview with Bloomberg, she said, "People need to be patient… We have some ongoing litigation to deal with. We have a lot of other considerations."
Nevertheless, today's delay is relatively swift by historical standards. It took over a decade from the first spot Bitcoin ETF application in 2013 for the SEC to finally approve one in January 2024.
If approved, the Truth Social Bitcoin ETF would become the first cryptocurrency ETF associated with the business interests of a sitting U.S. president. While the ETF itself has not yet drawn formal opposition from the SEC, other cryptocurrency transactions related to Trump have raised questions about ethics, influence, and regulatory fairness, particularly among Democrats.
In May, Senators Elizabeth Warren and Jeff Merkley sent a formal letter to the government ethics office, stating that Trump-related cryptocurrency transactions involving World Liberty Financial, Binance, and a UAE company represent "stunning conflicts of interest."
They wrote:
There are also concerns that Trump could personally benefit from regulatory decisions affecting the cryptocurrency market or companies related to his business ventures, especially if the SEC approves a financial product that legitimizes or increases demand for assets associated with his brand.
Since taking office, Trump has been actively involved in the cryptocurrency industry. On July 18, he signed the GENIUS Act, an important law that provides a clear regulatory framework for stablecoins in the U.S.
On June 25, William J. Pulte, the director of the Federal Housing Finance Agency (FHFA) appointed by Trump, issued a directive ordering Fannie Mae and Freddie Mac to prepare proposals to consider unconverted cryptocurrency holdings as potentially eligible assets in single-family mortgage underwriting without the need to convert to U.S. dollars.
Related: Experts say Japan's "slow" approval culture hinders crypto adoption
Original article: “Trump's Truth Social Bitcoin (BTC) ETF and Multiple Cryptocurrency Funds Face SEC Delays”
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