The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Truth Social Bitcoin ETF, filed in June by Trump Media & Technology Group. This ETF, offered by the company, which operates the Truth Social platform, aims to offer investors direct exposure to Bitcoin through a publicly traded fund structure.
In a statement, the SEC stated that it needed more time to evaluate the proposed ETF and announced that the review period has been extended until September 18th. The agency's official statement read, "The Commission has determined that a longer period is appropriate to consider the proposed rule change and the issues it raises."
The Truth Social Bitcoin ETF is just one of many noteworthy crypto products recently being offered to the U.S. market. However, the primary reason this fund stands out is its direct connection to former U.S. President Donald Trump. Trump frequently posts on Truth Social and has not been shy about publicly expressing his interest in digital assets. Besides the Truth Social Bitcoin ETF, other Trump-linked crypto ventures are also showing a notable increase. Various meme coin projects bearing Trump's name are gaining market share, while World Liberty Financial, a DeFi project allegedly backed by figures close to the Trump family, is also making headlines.
The SEC's cautious approach continues: Applications also received for INJ and SOL
The SEC's cautious approach to ETF applications is noteworthy. The commission is meticulously reviewing ETF applications related not only to Bitcoin but also to leading tokens like Ethereum and Solana. The regulator prioritizes investor protection while fostering innovation. This balancing act often leads to lengthy decision-making processes.
On the same day, Cboe BZX also filed a formal application with the SEC for the Canary Staked INJ ETF, which will track Injective's native token, INJ. Canary Capital Group, the ETF sponsor, first introduced the product earlier this month. On the same day, an application was also submitted for the Solana ETF, developed in partnership with Invesco and Galaxy.
