coindesk.com
The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on whether to approve an exchange-traded fund (ETF) proposed by Truth Social, the social media platform affiliated with Donald Trump.
The delay, announced Monday, gives the agency until September 18 to decide on whether to approve the Truth Social Bitcoin ETF. The fund application was submitted in June by Trump Media & Technology Group, which operates the social platform and has increasingly positioned itself as a player in the crypto market.
Truth Social’s bitcoin fund is one of several crypto ETFs caught in a broader regulatory pause under new SEC Chair Paul Atkins. Atkins’ team on Monday also postponed decisions on the Grayscale Solana Trust and Canary Capital’s proposed Litecoin ETF.
This is the latest in a string of postponements by the SEC under newly appointed Chair Paul Atkins. The SEC typically takes the maximum amount of time — 270 days — to approve ETF applications. Behind the scenes, the agency has been in talks with fund issuers about key sticking points such as staking and the mechanics of in-kind redemptions — particularly those related to pending Solana-based ETF applications, CoinDesk previously reported.
Truth Social’s Bitcoin ETF comes a year and a half after the SEC, under former Chair Gary Gensler, greenlit a batch of spot bitcoin ETFs that have collectively drawn over $55 billion in investor inflows since launching in January.
In its Monday filing, the SEC said it was extending the review period for the Truth Social Bitcoin ETF to “allow sufficient time to consider the proposed rule change and the issues raised therein.”
Truth Social is also pursuing additional crypto products. The company recently filed for the Truth Social Crypto Blue Chip ETF and a dual bitcoin and ethereum ETF.