SEC Extends Review of Truth Social Bitcoin ETF, Decision Expected by Mid-September
Main Idea
The SEC has extended its review of the Truth Social Bitcoin ETF to September 18, 2024, to thoroughly assess the fund’s compliance and political ties, as part of its standard review process.
Key Points
1. The SEC extended the Truth Social Bitcoin ETF review by 45 days, pushing the deadline to September 18, 2024.
2. The extension is part of the SEC's standard review process, which allows up to 240 days to approve or reject ETF proposals.
3. The Truth Social Bitcoin ETF, filed by NYSE Arca on behalf of Yorkville America Digital and Trump Media and Technology Group (TMTG), has drawn scrutiny due to its political ties.
4. Trump Media has filed two additional cryptocurrency ETF proposals: a dual-asset ETF (75% Bitcoin, 25% Ethereum) and the Truth Social Crypto Blue Chip ETF.
5. The SEC's extended review mirrors similar delays for other crypto ETFs, such as Grayscale’s Solana Trust and Canary Capital’s Litecoin ETF.
Description
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