The SEC has extended its review of the Truth Social Bitcoin ETF, tied to Donald Trump’s media group, to September.
The move comes amid broader delays in crypto ETF approvals and a cautious regulatory approach to digital asset markets.
In a statement on Monday, the U.S. SEC delayed its decision on a proposed Bitcoin exchange-traded fund (ETF) backed by Trump Media & Technology Group, the parent company of Truth Social. The review, initially set to conclude by August 4, will now continue until September 18.
The proposed exchange-traded fund aims to list on NYSE Arca under the agency’s commodity-based trust share framework. The SEC cited the need for more time to assess the proposal and any regulatory or ethical concerns.
If approved, the ETF would be the first of its kind linked to the business interests of a sitting U.S. President, Donald Trump.
More Crypto ETFs Face Delays
The Truth Social ETF isn’t the only fund currently caught in regulatory limbo. The SEC has also delayed its decision on Grayscale’s Solana Trust, pushing the review deadline to October 10. Similarly, Canary Capital’s proposed Litecoin ETF remains under extended review.
These delays signal that the SEC is maintaining a cautious stance amid increased demand for crypto-linked financial products. Under U.S. law, the agency has up to 270 days to evaluate ETF applications.
SEC Commissioner Urges Patience
In response to industry frustration over these delays, SEC Commissioner Hester Peirce, often nicknamed “Crypto Mom” for her pro-digital asset stance, encouraged stakeholders to manage expectations. In an interview, she cited ongoing regulatory complexities as reasons for the slow approval process.
Her remarks underscore that while interest in digital assets continues to grow, the regulatory environment remains complex and slow-moving.
Growing Concerns Over Trump’s ETF
Meanwhile, the Truth Social Bitcoin ETF has drawn heightened attention not just because of its crypto focus, but due to its direct ties to Donald Trump’s business empire.
In May, Democratic Senators Elizabeth Warren and Jeff Merkley expressed serious concerns about a new cryptocurrency initiative tied to President Trump. They warned that the arrangement represented “a staggering conflict of interest” and might facilitate foreign influence through a Trump-associated stablecoin.
Although the SEC hasn’t formally objected to the ETF, its political implications are significant. Some critics fear the fund could enable Trump to personally benefit from regulatory outcomes or market movements tied to crypto assets associated with his brand.
Trump’s Pro-Crypto Policy Push
In parallel with the rising scrutiny, President Trump has increasingly positioned himself as a pro-crypto leader during his current term.
On July 18, he enacted the GENIUS Act, the nation’s first significant federal law focused on regulating stablecoins. This legislation introduces more defined compliance guidelines for tokens backed by digital dollars. It also reflects a broader change in how Washington is handling the crypto sector during his administration.
Just weeks earlier, on June 25, William J. Pulte, the Trump-appointed head of the Federal Housing Finance Agency (FHFA), directed Fannie Mae and Freddie Mac to consider new policies that would permit unconverted crypto holdings to be treated as eligible assets in mortgage qualification assessments.
If implemented, this move would allow certain crypto assets to be treated similarly to cash in the homebuying process. Buyers would no longer need to convert them to U.S. dollars first.
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