Trump’s Truth Social seeks SEC greenlight for Bitcoin ETF
US President Donald Trump’s crypto ventures are expanding with the filing for a Bitcoin exchange-traded fund (ETF) branded as Truth Social. NYSE Arca submitted the application to the SEC on June 3, representing Yorkville America Digital, a partner of Trump Media & Technology Group. Trump, who is the majority owner of Trump Media, placed his shares in a trust managed by his son before returning to the White House. The ETF aims to track Bitcoin's price and will use Foris DAX Trust Company as its custodian. If approved, it will enter a competitive market with 11 existing Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust ETF. Critics raise concerns about potential conflicts of interest due to Trump's ties to various crypto projects, including NFTs and memecoins. The SEC has 45 days to review the application, with a maximum decision period of 240 days. Additionally, Trump Media plans to integrate a crypto token into its streaming service, Truth+, and previously filed for a “Truth.Fi Bitcoin Plus ETF.”
