The US Securities and Exchange Commission (SEC) has pushed back its decision on whether a stock exchange (ETF) proposed by Truth Social, the social media platform associated with Donald Trump.
The delay announced on Monday will give the Agency until September 18 to decide whether to approve the truth of the Social Bitcoin ETF. The fund application was submitted in June by Trump Media & Technology Group, which runs the social platform and has increasingly placed himself as a player in the crypto market.
Truth Social’s Bitcoin fund is one of several crypto -Tfs trapped in a broader legislative break during the new SEC chairman Paul Atkins. Atkins’ teams on Monday also postponed decisions on Grayscale Solana Trust and Canary Capital’s proposed Litecoin ETF.
This is the latest in a series of postponements of SEC under the newly appointed President Paul Atkins. SEC typically takes the maximum time – 270 days – to approve ETF applications. Behind the scenes, the Agency has been in conversations with fund issuers about keypoints such as efforts and the mechanics of natural redemptions — Isærk those related to pending Solana-based ETF applications, Coindesk previously reported.
Truth Social’s Bitcoin Etf comes a year and a half after SEC, under former President Gary Gensler, Greenlit a Batch of Spot Bitcoin ETFs, which has collectively drawn over $ 55 billion in investor ramps since the January launch.
In his Monday filing, SEC said that the extended review period for the truth of Social Bitcoin Etf to “allow sufficient time to consider the proposed rule change and the questions raised therein.”
Truth Social is also pursuing additional crypto products. The company recently submitted the truth social crypto blue chip etf and a double bitcoin and Ethereum ETF.
