The official 'meme coin' of President Donald Trump ($TRUMP ) may soon launch an exchange-traded fund (#ETF ) after Tuttle Capital recently submitted an amendment. The amendment aims to change the effective date of the fund to July 16.

Eric Belchunas, senior ETF analyst at Bloomberg, shared this amendment on platform X, noting that it could be a signal. According to him, the effective date does not necessarily mean this is the launch date for the fund, but that is usually what happens.

He said:

"Tuttle submitted an amendment to change the effective date for a range of 2x crypto/meme exchange-traded funds to July 16. This does not mean they will launch, but effective dates are usually the launch date for exchange-traded funds."

Interestingly, the amendment applies to a range of leveraged 2x cryptocurrency exchange-traded funds for tokens like $XRP and $SOL and #Litecoin and #BNB and #Cardano and #Polkadot , as well as meme coins like BONK, TRUMP, and MELANIA.

Tuttle's amendment request for its exchange-traded funds (source: Eric Belchunas)

Belchunas pointed out that the Rex-Osprey SOL fund, with its SSK exchange-traded product, has already reached the market, which is likely what has given other issuers the confidence to push for the launch of their products.

Nonetheless, it is important to note that Tuttle's request for exchange-traded funds and the approved Rex-Osprey SOL ETF, which launched on Wednesday, were all submitted under the Investment Company Act of 1940. This means that they do not hold cryptocurrency directly like spot cryptocurrency exchange-traded funds, and do not require approval from the U.S. Securities and Exchange Commission (SEC) for their launch.

For example, the Rex-Osprey SOL ETF gains exposure to Solana only by investing 40% of its holdings in securities through other Sol products traded on the exchange.

Positive sentiment towards spot alternative cryptocurrency exchange-traded funds has increased.

While the Rex-Osprey SOL ETF, and those that Tuttle wishes to launch, do not require approval from the U.S. Securities and Exchange Commission (SEC), the lack of the agency's objection to the products is a positive indicator, as many spot ETF requests are awaiting its decision.

However, other positive indicators suggest the possibility of more cryptocurrency products being listed in exchange-traded funds in the coming months. The agency has already taken a significant step by approving the conversion of the Grayscale Digital Large Cap Fund, GDLC, into an exchange-traded fund.

The fund holds major cryptocurrencies with market capitalizations including Bitcoin, Ethereum, Solana, Ripple, and Cardano, indicating that multi-asset cryptocurrency spot exchange-traded funds may soon start receiving approvals.

Interestingly, there are also reports that the U.S. Securities and Exchange Commission (SEC) plans to set listing standards for cryptocurrency-based exchange-traded funds, which would simplify the process. Cryptocurrency journalist Eleanor Terrett shared the news, noting that the SEC is working with trading platforms to establish the criteria.

She said:

I was told that the idea is that if the token meets the criteria, issuers could bypass the 19b-4 process, submit an S-1 form, and wait 75 days before listing it on the exchange. This approach could save both issuers and the U.S. Securities and Exchange Commission (SEC) a lot of paperwork and heated discussions over comments.

Although the criteria are not clear, experts believe that these criteria alone are sufficient to provide clarity. Belchunas added that he expects the criteria to be flexible enough to accommodate most of the top 50 tokens by market capitalization.

The Trump token continues to decline despite speculation of an exchange-traded fund (ETF) launch.

Meanwhile, news of a potential exchange-traded fund for Trump’s meme coin had little significant impact on its price, as the token continued to decline in the last 24 hours. This completes a trend that has seen the value of Trump’s meme coin drop by over 6% in the past week and over 22% in the last 30 days.

There are no signs of any positive reversal for the meme coin, especially as the meme coin sector continues to struggle with attention shifting to other sectors. Trump’s meme coin has dropped 88% from its peak of over $75, currently trading at around $8.64.