The New York Stock Exchange (NYSE) has filed a rule change to allow the listing of a new ETF associated with Truth Social and backed by Trump Media & Technology Group. If approved, this may mark a significant step in merging politics and cryptocurrency.
New ETF Proposal
The proposed ETF falls under the SEC's 19b-4 rule, a common path for ETF approval. While this indicates regulatory progress, it does not guarantee final approval from the Securities and Exchange Commission (SEC).
In a statement, the SEC responded: > "The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices in that the shares will be listed and traded on the exchange pursuant to the initial and continued listing criteria in NYSE."
Trump's Crypto Vision
Trump Media is ramping up efforts to establish a stronghold in the crypto space. In May, it announced a $2.4 billion raise to build its own Bitcoin Treasury.
Key projects include: * Truth Social Bitcoin ETF * Truth Social Bitcoin and Ethereum ETF * America First Bitcoin Fund * America First Blockchain Leaders Fund * America First Stablecoin Income Fund
These funds aim to merge crypto investing with political branding, targeting supporters of the "America First" agenda.
Partnership with Crypto.com
To manage the ETF's infrastructure, Trump Media has partnered with Crypto.com, which will serve as the custodian, liquidity provider, and execution agent.
President Trump, who holds a majority stake in Trump Media, also oversees platforms like: * Truth Social – Social Media * Truth+ – Streaming Platform * Truth.Fi – Fintech and Digital Payments.
While the Truth Social ETF awaits SEC approval, the filing marks a significant step in merging politics and cryptocurrency. If approved, this could signal a new era of politically-driven crypto funds entering mainstream finance.
