Trump Shakes Up Crypto: Bold NYSE Rule Change Proposal Could Redefine Market Boundaries
Wall Street meets blockchain in a political power play. Former President Trump's latest maneuver targets the heart of traditional finance—with a crypto twist.
The proposal? A NYSE rule change that could blur the lines between digital assets and conventional securities. No specifics yet, but the implications ripple far beyond trading floors.
Regulators are already sharpening their pencils—expect fireworks as crypto's Wild West mentality collides with legacy market structures. One thing's certain: the old guard won't surrender their turf without a fight.
Funny how politicians discover blockchain's potential during election years, isn't it? Almost as if they've finally read the whitepapers their interns bookmarked in 2017.
$0.000052 and Ethereum
$0.000067 Exchange-Traded Fund (ETF) to be issued by Truth Social, a social media platform owned primarily by Donald Trump. This passive fund aims to mirror the prices of Bitcoin and Ethereum. According to the prospectus submitted last week, the portfolio will initially hold a 3:1 ratio of ETH to BTC values. Yorkville America Digital will sponsor the fund, while Foris DAX Trust Company will provide custodial services.
ContentsTruth Social’s New ETF Application DetailsThe SEC Has 45 Days to Decide
Truth Social’s New ETF Application Details
The new ETF follows Truth Social’s earlier application that focused solely on Bitcoin. This diversification broadens the company’s product range with two separate cryptocurrency-focused funds. The 3:1 Bitcoin-Ethereum ratio aims to balance price volatility, offering investors access to the two largest cryptocurrencies under one umbrella. Yorkville America Digital supports the fund’s passive nature by covering all operational expenses apart from the management fee.
Earlier this month, Trump Media announced plans to establish a “Bitcoin treasury” following a $2.32 billion private share sale. The company also announced that it might repurchase shares up to $400 million. These initiatives aim to extend the Truth Social brand beyond its political identity, transforming it into a robust cryptocurrency finance hub.
The SEC Has 45 Days to Decide
The 19b-4 FORM marks the final step in a two-stage application process for a cryptocurrency ETF. The SEC typically makes a decision on a rule change within 45 days. Given that the document set has been completed with the previously submitted S-1 prospectus, the SEC’s initial response could arrive by the end of July.
If approved, the ETF will be traded on NYSE Arca’s spot market, with BTC and ETH assets held directly in the custody of Foris DAX Trust Company. The fact that an issuer linked to TRUMP is undergoing regulatory scrutiny may bring the political dimension of cryptocurrency policy in Washington into the spotlight, sparking new debates in the sector.
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