The U.S. Securities and Exchange Commission (SEC) has accepted Trump Media's application for a Bitcoin and Ethereum exchange-traded fund (ETF).
Trump Media's ETF Application
Trump Media has filed for an ETF that would allow investors access to Bitcoin and Ether through NYSE Arca-listed shares. According to the filing, 75% of the fund would be invested in Bitcoin, with the remaining 25% in Ether.
Foris DAX Trust's Role as Custodian
Foris DAX Trust, part of the Crypto.com ecosystem, will serve as the custodian for the fund. The ETF will also use the CME CF Bitcoin Reference Rate for determining net asset value.
Current Status of ETF Applications with the SEC
The SEC continues to deliberate on many other ETF applications. Recently it delayed its decision on Fidelity's spot Solana ETF while inviting public comments. As of now, there are over 50 crypto ETFs awaiting approval, with the SEC drafting a universal listing standard to facilitate the process.
The acceptance of Trump Media's application indicates the SEC's openness to a new regulatory environment for crypto ETPs, while delays for other ETF decisions remain a common factor.
