Trump Media & Technology Group has filed to launch a Bitcoin and Ethereum ETF on the NYSE, raising fresh concerns over potential conflicts as the former president promotes crypto while seeking reelection.
Truth Social Pushes Forward with Crypto ETF Plans
Trump Media & Technology Group (TMTG), the media company founded by U.S. President Donald Trump, has formally filed for a Bitcoin and Ethereum exchange-traded fund (ETF) with the New York Stock Exchange (NYSE). According to a filing submitted through the U.S. Securities and Exchange Commission’s (SEC) 19b-4 process, the proposed fund aims to allocate 75% of its assets to Bitcoin and 25% to Ethereum.
This filing marks a procedural milestone in TMTG’s ongoing effort to expand into the cryptocurrency sector. The ETF, named the Truth Social Bitcoin and Ethereum ETF, would trade on the NYSE Arca platform, pending regulatory approval. The SEC’s decision will determine whether the fund can move forward, with no guarantee of approval at this stage.
Crypto.com Tapped as Exclusive Custodian and Agent
As detailed in the SEC submission, Crypto.com has been designated as the ETF’s exclusive custodian, prime execution agent, and provider of staking and liquidity services. This strategic partnership places Crypto.com at the center of fund operations, handling asset security, trade execution, and liquidity management if the product clears regulatory hurdles.
The SEC filing emphasized safeguards against market manipulation and fraud, stating:
“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 pursuant to the initial and continued listing criteria in NYSE.”
Ongoing Crypto Expansion by Trump Media
The ETF proposal comes just over a week after Trump Media, in collaboration with Yorkville America, filed a prospectus outlining plans for the fund. It also follows the company’s earlier announcement of a $2.5 billion capital raise aimed at establishing a Bitcoin treasury, though no purchases have been disclosed to date.
Beyond this ETF, Trump Media and Yorkville have outlined intentions to introduce a politically branded crypto product suite. Planned offerings include the America First Bitcoin Fund (AFBF), the America First Blockchain Leaders Fund (AFBLF), and the America First Stablecoin Income Fund, signaling a broader foray into the digital asset space.
Regulatory Scrutiny and Conflict of Interest Concerns
The proposal has ignited debate over potential conflicts of interest, as Trump simultaneously promotes cryptocurrency while his business ventures actively seek to profit from digital asset markets. Critics argue this dynamic risks blurring the lines between public office and personal enterprise, particularly given Trump’s recent appointments of crypto-aligned figures to senior regulatory positions.
The SEC has yet to issue a decision on the ETF’s registration statement and accompanying rule change application. The outcome could set a significant precedent for the interplay of political influence, financial regulation, and cryptocurrency investment in the United States.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
