The U.S. Securities and Exchange Commission (SEC) has officially accepted Trump Media's application to launch an exchange-traded fund (ETF) that will provide investors exposure to Bitcoin and Ether. Let's look at the details of this event and the related processes in the crypto industry.
Trump Media's ETF Application
According to the filing, the ETF will be offered on NYSE Arca, with an allocation of 75% to Bitcoin and 25% to Ether. Foris DAX Trust Company, operating as Crypto.com, will serve as the custodian for the ETF, while Yorkville America Digital will act as the sponsor. The ETF aims to provide daily valuations of its crypto holdings using CME CF Bitcoin and Ether reference rates, ensuring transparent pricing aligned with aggregated trade data from multiple crypto exchanges.
Fidelity's Solana ETF Faces Delay
Meanwhile, the SEC has once again delayed its decision on Fidelity's proposed Solana ETF. The regulator has opened a new public comment window, seeking responses within 21 days and rebuttals within 35 days, extending the review process for one of the first proposed Solana ETFs in the U.S.
SEC Progress on Crypto ETFs
Despite the delay for Fidelity, industry analysts see encouraging signs of movement from the SEC on crypto-related ETFs. There are discussions about potential amendments to Solana ETF applications, suggesting ongoing engagement rather than outright rejection.
The SEC's acceptance of Trump Media's application and the delay with Fidelity highlight the current trends and fluctuations in the crypto ETF space, creating a scenario for potential new mass investments in digital assets.
