ETF News Today: SEC Extends Deadline of Truth Social Bitcoin ETF to September 18

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The US Securities and Exchange Commission (SEC) released a notice on Monday, announcing that it has delayed decisions on Truth Social Bitcoin ETFs and Grayscale’s Solana Trust. It has extended the review deadline to September 18. 

SEC Delays Decision on Truth Social Bitcoin ETF

The Truth Social ETF, backed by the Trump Media and Technology Group, seeks SEC approval to be listed on the NYSE Arca Exchange. The fund application was submitted on June 3 and is still in the early stages. 

Originally, the decision-making on Truth Social Bitcoin exchange-traded fund (ETF) was set to release on August 4. However, the SEC delayed the review period by 45 days. The agency said that the extended period will allow them to review the proposal and consider public comments. 

The SEC wrote in the notice, “The Commission 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.” 

Crypto Ties and Political Concerns Jumble 

President Trump has doubled his wealth in a year with his crypto ties. If the SEC approves the Truth Social ETF, it will become the first crypto-related fund tied to a US president. Many democrats have voiced their concerns. Some crypto experts even said that Trump’s ties with cryptocurrency could cause a conflict of interest. 

Senator Jeff Merkley said, “Allowing Trump to create a Bitcoin ETF is opening the door to abuse of power. He can influence the regulation and then profit from it.”

SEC approved spot Bitcoin ETFs earlier this year, but now it is delaying the decision for the Truth Social ETF. This reflects its hesitation about broader challenges in the crypto regulatory space. 

Additionally, Grayscale’s proposed conversion of its Solana Trust into an ETF is now pushed to October 10 for SEC approval. 

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NEAR Price Hints Breakout As Bitwise Registers Near Protocol ETF

NEAR Price Hints Breakout As Bitwise Registers Near Protocol ETF

Asset manager Bitwise has moved to register a Near Protocol ETF in Delaware, a move that signals the firm’s intention to file for a NEAR ETF with the US Securities and Exchange Commission (SEC). The NEAR price is looking to break out following this development, with the altcoin already up over 5% on the day.

NEAR Price Eyes Breakout As Bitwise Registers ETF In Delaware

The NEAR price is eyeing a breakout as Bitwise looks to offer a Near Protocol ETF. State of Delaware data shows that Bitwise has registered a Near ETF with the Division of Corporations. The asset manager incorporated this fund on April 24 under the entity name ‘BITWISE NEAR ETF.’

This move is significant as it is usually the first step towards filing to offer a spot ETF with the US SEC. As such, the asset manager is likely to file the S-1 and 19b-4 forms for this Near ETF with the regulator next.

These filings will officially kickstart the process for the SEC to either deny or approve the fund. This ETF will provide institutional access to the Near Protocol ecosystem, which is bullish for the NEAR price as more capital flows into the altcoin.

Meanwhile, Bitwise has already filed for Solana, XRP, Dogecoin, and Aptos ETFs with the Commission, as it looks to expand its offerings beyond the Bitcoin and Ethereum ETFs. As CoinGape reported, the XRP and Solana ETFs are currently leading the race for a potential approval from the SEC. Both altcoins currently have futures markets, which puts them ahead of other altcoins.

However, the SEC has shown it is in no hurry to approve any of these ETFs, despite its more friendly stance towards the crypto industry under the new administration. The Commission recently delayed its decision on Grayscale’s Polkadot ETF filing.

While it remains unclear when Bitwise would file for the Near Protocol ETF with the SEC, this move is undoubtedly bullish for the NEAR price, which has already surged over 5% following the revelation of the Delaware registration.

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Ethereum Price Rally To $4,000? Expert Says ETH Still Bullish Despite Correction

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