Simply put
- If approved, the proposed rule changes will enable a series of Bitcoin and Ethereum ETFs from Trump Media.
- Just eight days ago, Trump Media & Technology Group filed a prospectus for ETFs linked to the prices of Bitcoin and Ethereum.
- The Truth Social BTC and Eth Fund aims to strengthen connections to Trump Media’s cryptocurrency efforts.
On Tuesday, the New York Stock Exchange submitted a request to revise its rules, which, if accepted, would allow Trump Media Technology Group to list ETFs that track Bitcoin and Ethereum values, according to a filing with the SEC.
The application, made just a week after Trump’s media initiative, involves a collaboration with Yorkville America to submit the True Social Bitcoin and Ethereum ETF Prospectus.
The filing states, “The exchange believes that these proposed rule changes are intended to prevent fraudulent and manipulative conduct, ensuring stocks are listed, traded, and maintained according to the NYSE’s initial and ongoing standards.”
Crypto.com will act as a custodian, execution agent, and liquidity provider for this venture.
The adjustments to the 19B-4 rules are a significant step in the regulatory journey toward considering these ETFs, but there’s no guarantee from the SEC that they will be approved.
This development comes as the regulatory perspective on cryptocurrency investments appears to be shifting positively under the current administration.
President Trump has appointed a pro-crypto advocate to high-ranking regulatory positions, reflecting his favorable stance on digital assets.
This isn’t the first collaboration between Trump Media and Yorkville; they previously submitted a proposal for a standalone Bitcoin ETF named the Truth Social Bitcoin ETF in early June.
Alongside these filings, the partnership with Crypto.com aims to introduce a range of “America First” products, including the America First Bitcoin Fund (AFBF), America First Blockchain Leader Fund (AFBLF), and the America First Stubcoin Revenue Fund.
So far, only the True Social Bitcoin ETFs and True Social Bitcoin and Ethereum ETFs have been filed with the SEC.
The proposed True Social Bitcoin and Ethereum Funds are expected to deepen the ties between cryptocurrency and Trump Media.
In late May, the company raised $2.4 billion for its Bitcoin Treasury, though it has yet to disclose its acquisition of significant digital assets.
Trump Media oversees the Truth About Social Media Sites platform, a streaming service known as Truth+, and a financial tech brand called truth.fi, with President Trump holding the majority stake.
Currently, Bitcoin is trading at about $106,000, showing a slight 0.5% increase over the last 24 hours, based on Coingecko data.
It had dropped below $100,000 in early May after U.S. military actions in Iran but has since recovered as tensions eased.
Meanwhile, Ethereum is priced around $2,440, reflecting an increase of about 1.1% since Monday.
