The US Securities and Exchange Commission (SEC) on Monday delayed its decision on the proposed truth social bitcoin exchange-traded funds (ETF), extended the review deadline from 18 August to 18 September.
Supported by Trump Media and Technology Group, this fund is demanding approval to list the truth social bitcoin ETF on the NYSE Arca Exchange under SEC’s Commodity-based trust share framework.
The agency, which may take 270 days to approve or reject ETF applications, said it extended that it extended Review The proposal and period of allowing more time to evaluate any raised issues.
SEC continues to take precautions
Trump-supported bitcoin ETF was not the only fund facing delay from SEC today. The agency also postponed Grancale’s decisions Solana trustExtended by 10 October, and proposed Litcoin ETF of Canary Capital.
Hester Peerus, a commissioner on SEC, dubbed “Crypto Mom” for his pro-crypto stance-recently urged the stakeholders of the industry to expect slow approval. “People have to be patient … We have some ongoing litigation that we are trying to work. We have a lot of other views,” he said Interview With Bloomberg in May.
Nevertheless, today’s delay is faster than historical standards. For SEC, it took more than a decade from the first spot bitcoin ETF application in 2013, which finally approved it in January 2024.
https://www.youtube.com/watch?v=dbyvwy_br7q
Question on Trump’s ETF
If approved, the truth social bitcoin ETF will be the first Crypto ETF associated with the business interests of a sitting US President. While ETF itself has not drawn formal objections from SEC, other Trump-Linked Crypto deals have raised questions about morality, impact and regulatory fairness especially among Democrats.
In May, Senator Elizabeth Warren and Jeff Merclay sent a formal letter to the office of government morality, calling the Trump-Linked Crypto. deal World Liberty Financial, Binenns and a United Arab Emirates (UAE) firm “a shocking confrontation.”
He has written,
The deal enhances disturbing possibilities that Trump and Vitcoff families can expand the use of their stabelcoins as an Avenue to benefit from foreign corruption. ,
There is also concern that Trump can individually benefit from regulatory decisions that affect the firms associated with crypto markets or their business undertakings, especially if SEC approves a financial product that values or enhances the demand for property related to its brand.
Trump has actively worked with the Crypto industry as he has taken over. On 18 July, he signed the Genius Act, the first major American law to provide a clear regulatory framework for Stabecoin.
On 25 June, Director, William J., appointed by Trump of Federal Housing Finance Administration (FHFA). Pulte ordered a direction, in which Fanny Mae and Freddy Mac prepared a proposal as a potentially qualified property without the need for a single-family hostage underwriting to prepare proposals for the treatment of unannous-cryptocurrency holdings.
Magazine: US risk due to ‘front run’ on bitcoin reserve by other countries – Samson Mow
