Investors anticipating the proposed Truth Social Bitcoin ETF will need to wait a bit longer, as the Securities and Exchange Commission has delayed its decision on the fund.
The agency is delaying its approach or disapproval of the exchange-traded fund until Sept. 18 from Aug. 4, according to a notice the SEC issued on Monday. Trump Media & Technology Group Corp. (DJT)—operator of the social media platform Truth Social—filed in June to launch the fund, which would seek to track the performance of Bitcoin.
The SEC said it “finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” according to the notice.
The Wall Street watchdog also delayed its approval decision of the Grayscale Solana Trust and the Canary Litecoin ETF—funds that would provide investors with exposure to popular so-called altcoins—to Oct. 10 and Oct. 2, respectively.
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While the SEC has adopted a friendlier stance towards the crypto industry during President Donald Trump’s second term, Commissioner Hester Peirce said during an interview with Bloomberg’s “Trillions” podcast in May that “people have to be patient.”
She explained that the SEC has “a limited number of people” working on the crypto exchange-traded product filings and that the agency has to assess multiple factors, including whether the product meets technical requirements and whether there is any ongoing related litigation.
The delay also comes amid heightened concerns around the president’s close ties to the crypto industry.
In June, Trump Media filed for the Truth Social Bitcoin and Ethereum ETF, which would track the two most popular cryptocurrencies with a three-to-one ratio of Bitcoin to Ethereum by value, according to the filing. It followed up a filing in July for the Truth Social Crypto Blue Chip ETF, which would allocate 70% of its assets to Bitcoin, 15% to Ether, 8% to Solana, 5% to Cronos and 2% to XRP, the filing said.
Meanwhile, the president recently signed the GENIUS Act, which creates a regulatory framework for stablecoins, into law.
