NYSE Promotes the Listing of Truth Social Bitcoin and Ethereum ETF
On Tuesday, the New York Stock Exchange (NYSE) filed a rule change proposal to allow the listing of a new exchange-traded fund (ETF) named Truth Social Bitcoin and Ethereum, backed by Trump Media & Technology Group. If approved, this ETF will allocate 75% of its assets to Bitcoin and 25% to Ethereum, becoming the most politically branded cryptocurrency product to date.
The process for proposing this ETF listing follows the SEC's Rule 19b-4, a common path for ETF approvals. However, this filing only represents legal progress and does not mean the SEC will grant official approval.
In its response, the SEC emphasized:
"The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts because the shares will be listed and traded on the basis of the initial and continued listing criteria of the NYSE."
Trump's Decisive Cryptocurrency Vision
Trump Media is accelerating its strategy to build a position in the cryptocurrency ecosystem. Last May, they announced raising $2.5 billion for plans to build a private Bitcoin treasury.
Some key projects include:
Truth Social Bitcoin ETF
Truth Social Bitcoin and Ethereum ETF
Bitcoin Fund 'America First'
Blockchain Leadership Fund 'America First'
Stablecoin Income Fund 'America First'
These funds aim to combine cryptocurrency investment with a political brand, targeting supporters of the 'America First' strategy.
To operate the ETF infrastructure, Trump Media collaborates with Crypto.com - an entity that will act as a custodian for the assets, provide liquidity, and execute transactions.
Mr. Trump, with his position as the largest shareholder in Trump Media, also runs platforms such as:
Truth Social - social network
Truth+ - streaming platform
Truth.Fi - fintech and digital payments
Conclusion
Although the Truth Social ETF is still awaiting SEC approval, this filing marks the intersection of politics and cryptocurrency. If approved, it could signal the beginning of a wave of politically branded cryptocurrency funds entering the mainstream of traditional finance.
The blend of leading digital assets and politically oriented strategies will create a new era full of potential but also significant challenges in the global cryptocurrency market.
Source: https://tintucbitcoin.com/thuc-day-tien-dien-tu-24-ty-usd/
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