SEC delays decision on Truth Social Bitcoin ETF

Crypto funds face new delays as the SEC pushes review deadlines into September and October.
SEC postpones decisions on Truth Social and Grayscale crypto funds, citing the need for more time to assess the applications and raised concerns.

The US Securities and Exchange Commission (SEC) has postponed its decision on several cryptocurrency exchange-traded funds. One delayed proposal includes the Truth Social Bitcoin ETF linked to Trump Media.

Originally due by 4 August, the review period has been extended to 18 September. The proposed fund aims to list on NYSE Arca under the SEC’s commodity-based trust framework.

The regulator also delayed rulings on Grayscale’s Solana Trust, now pushed to 10 October, and Canary Capital’s Litecoin ETF. According to the SEC, more time is needed to assess the applications and address regulatory concerns.

Commissioner Hester Peirce recently warned stakeholders to expect a slow pace in crypto ETF approvals due to ongoing legal and regulatory challenges.

Despite the delays, the SEC has moved faster than in previous cycles. The first spot Bitcoin ETF took over a decade to receive approval, finally gaining the green light in January 2024.

While the Truth Social fund has not drawn formal objections, its ties to Donald Trump have raised concerns among lawmakers over potential conflicts of interest.

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