đŒ Trump Media Files for BTC & ETH ETF â Is Crypto Going Mainstream in Washington?
Trump's media business has asked to start a Bitcoin and Ethereum ETF, which raises worries about possible conflicts of interest as he is promoting crypto while in government.
The U.S. Securities and Exchange Commission (SEC) has received a registration from the Trump Media & Technology Group, which is run by President Donald Trump, for a new exchange-traded fund (ETF) that would directly own Bitcoin and Ethereum. The Truth Social Bitcoin and Ethereum ETF that is being suggested would put 75% of its money into Bitcoin and 25% into Ethereum. This would provide investors access to both cryptocurrencies via a single product.
Crypto.com is the ETF's exclusive custodian, execution agent, and supplier of staking and liquidity services. The SEC has to approve both the registration statement and a request to modify the rules before the ETF may start. If it gets the go-ahead, the ETF will be listed on the NYSE Arca market.
This project is part of Trump Media's larger plan to incorporate cryptocurrencies into its economic model. The corporation said in May that it wanted to raise $2.5 billion to set up a Bitcoin treasury. This shows how serious it is about digital assets.
However, the decision has caused a lot of debate since it might lead to conflicts of interest. President Trump aggressively pushes bitcoin while his firm does business in similar areas. Some people say that mixing politics with personal commercial interests might harm the credibility of regulations.
The SEC hasn't made a judgment on the ETF yet, but the result might have a big effect on the junction of politics and cryptocurrency investing in the US.
