ADÁN BERNALMEXICO

The New York Stock Exchange’s digital arm, NYSE Arca, has filed with regulators seeking to list a new Trump Media & Technology Group (TMTG) cryptocurrency exchange-traded fund (ETF). 

The filing, dated Tuesday and filed with the US Securities and Exchange Commission (SEC), is for listing the Truth Social Bitcoin and Ethereum ETF, a fund that would invest 75% of its assets in Bitcoin and 25% in Ethereum.

The ETF filing from Trump Media comes just eight days after the firm behind the SPAC filed its prospectus with the official CT attorney general, Yorkville America, representing a significant ramp of the company’s crypto strategy.

Trump Media, which is majority-owned by President Donald Trump, has recently shifted into high gear in promoting financial products tied to blockchain technologies that can afford the public a taste of crypto via regulated investment vehicles.

If approved, the filing would be the second related to a Truth Social-branded ETF in less than a month. The first, Truth Social Bitcoin ETF, submitted its filing in early June, and it was Bitcoin only. 

Both filings emphasize TMTG’s goal to establish itself as more than a social media and media streaming brand, betting instead that it can be taken seriously in the crypto finance space.

Crypto.com to manage and secure ETF operations

TMTG and Yorkville America have partnered with Crypto.com, a top-tier exchange, to manage the ETF’s deep-tech infrastructure. Crypto.com will provide digital asset custody, act as the execution agent for crypto transactions, and ensure liquidity for smooth fund operations.

In the filing with the SEC, NYSE Arca explained that the proposed listing would attempt to comply with the relevant regulations. “The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices in that the shares will be listed and traded on the exchange under the initial and continued listing criteria in NYSE,” the filing read.

This proposal falls under the SEC’s 19b-4 rule change process, which exchanges use when they propose to offer new financial products. The filing is a key regulatory milestone, but does not guarantee approval. The SEC decides whether to allow or reject a listing, typically following public comment and internal review.

Trump influence shifts SEC crypto stance

The SEC’s position on digital currency seems to be changeable under the incumbent administration of President Donald Trump. The agency, which was once seen as cautious and sometimes skeptical of digital assets, has started to take that more positive view.

That tone change comes after several senior SEC positions have been filled, with several appointees seen as sympathetic to the development of crypto markets and increased investor access more generally.

Even President Trump has transformed his outlook dramatically. He criticized cryptocurrencies in his first term but has become one of their most outspoken political supporters. Indeed, during recent campaign speeches and public appearances, Trump referred to digital assets as instruments of “financial freedom” and has since integrated blockchain solutions into public policy projects.

The increasing political support also gives momentum to Trump Media & Technology Group’s (TMTG) accelerating push into the crypto space. In collaboration with Yorkville America and Crypto.com, it announced the launch of a new suite of blockchain-based financial products under the ”America First.”

Some offerings it is considering include the America First Bitcoin Fund, America First Blockchain Leaders Fund, and the America First Stablecoin Income Fund.

But so far, just two products, the Truth Social Bitcoin ETF and the Truth Social Bitcoin and Ethereum ETF, have been formally filed with the SEC. The rest are conceptual and have not yet made any regulatory submissions.

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