The US Stock Exchange and Securities Commission (SEC) has delayed its decision on whether to approve a fund quoted by exchange (ETF) proposed by Truth Social, the Social Network Platform affiliated with Donald Trump.
The delay, announced on Monday, gives the agency until September 18 to decide whether to approve the social truth Bitcoin ETF. The fund application was submitted in June by Trump Media & Technology Group, which operates the social platform and has been increasingly positioned as a player in the cryptography market.
The Social Truth Bitcoin Fund is one of the several cryptographic ETF trapped in a broader regulatory pause under the new president of the SEC, Paul Atkins. The Atkins team also postponed decisions about the Solana Trust Grises scale and the ETF of Litecoin proposed by the capital of Canary.
This is the last of a series of postponements of the SEC under the newly appointed president Paul Atkins. The SEC generally takes the maximum amount of time, 270 days, to approve ETF applications. Behind the scene, the agency has been in conversations with funds about key conflict points, such as the rethinking and mechanics of reimbursements in kind, particularly those related to ETF applications based on Solana, previously reported COINDESK.
The Bitcoin ETF of Truth Social occurs a year and a half after the SEC, under former President Gary Gensler, with an ETF Spot Bitcoin lot that have collectively attracted more than $ 55 billion in investor tickets since the launch in January.
In his presentation on Monday, the SEC said that the review period for the social truth Bitcoin ETF was extending to “allow enough time to consider the proposed rules change and the problems raised in it.”
Truth Social is also looking for additional cryptographic products. The company recently requested the Crypto Blue Truth chip ETF and a double Bitcoin and Ethereum ETF.
