SEC Extends Review Period for Truth Social Bitcoin ETF to September
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Truth Social Bitcoin ETF until September 18. This application was submitted by Trump Media & Technology Group in June.
Key points include:
- The SEC also postponed decisions on the Grayscale Solana Trust and Canary Capital's Litecoin ETF.
- This delay is part of a broader regulatory pause under SEC Chair Paul Atkins, who typically extends reviews to the maximum period of 270 days.
- Discussions are ongoing regarding staking and in-kind redemption mechanics for pending Solana-based ETFs.
- The Truth Social Bitcoin ETF follows the SEC's previous approval of spot bitcoin ETFs that have attracted over $55 billion in investor inflows since January.
- Truth Social is seeking to expand its crypto offerings with additional products, including the Truth Social Crypto Blue Chip ETF and a dual bitcoin and ethereum ETF.
The SEC stated the extension allows sufficient time to consider the proposed rule change and related issues.