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The United States Securities and Exchange Commission (SEC) has announced that it will not yet make a decision on approving the Exchange Traded Fund (ETF) related to Bitcoin and Ethereum issued by Truth Social, the social media platform belonging to Trump Media & Technology Group. The new deadline set by the SEC is October 8th, according to the application filed on August 18th.
This delay is considered a routine procedure, as the SEC is currently processing numerous cryptocurrency ETF proposals. On the same day, the SEC also extended the deadline for several other proposals, including CoinShares Litecoin ETF, CoinShares XRP ETF, 21Shares Core XRP ETF, along with Canary XRP Trust, Grayscale XRP Trust, and the application for Staking with 21Shares Core Ethereum ETF.
The SEC explains: "The Commission finds it necessary to have more time to review the emerging issues from this proposal to ensure transparency and alignment with the financial market."
Truth Social Aims to Enter Cryptocurrency Exchange Traded Fund Market
Truth Social's Bitcoin and Ethereum ETF proposal was first announced in June 2024. So far, the SEC has only received one objection, expressing concerns about President Donald Trump's direct role in the cryptocurrency field.
In fact, Trump has become one of the leaders with significant influence on the crypto market. He and his family have earned millions of dollars from various projects such as World Liberty Financial DeFi, stablecoin, and the TRUMP and MELANIA memecoins.
Some government oversight groups argue that if the SEC approves this ETF, questions will arise about whether the regulatory body is making decisions in the national interest or to serve the business interests of the President. Caroline Ciccone, President of Accountable.US, notes: "Approval could raise doubts among American citizens and undermine confidence in the market and the SEC."
SEC's Change in Perspective During Trump's Era
Since Donald Trump took office as the US President at the end of 2024, the SEC's attitude towards the cryptocurrency market has changed significantly. In July 2025, the SEC under new leadership approved regulations allowing investors to perform in-kind creations and redemptions for crypto ETFs – an important step towards making the market more transparent.
Additionally, the SEC has expanded the legal framework, allowing many companies to apply for listing and trading spot Bitcoin ETF, Ethereum ETF, and related derivative products.
Previously, during the Biden administration, the SEC approved spot Bitcoin ETF and spot Ethereum ETF after an important court ruling. However, observers believe that the current openness under Trump is creating a major turning point, helping the US compete more strongly in the global digital asset race.
Latest Market Perspective
Experts believe that despite the SEC's continued delay, the Truth Social ETF still has a high chance of being approved in the near future. This is because the Trump administration currently views crypto and blockchain as a new pillar of the digital economy, while promoting the US as a global financial technology center.
An analyst in New York notes: "In fact, the emergence of the Truth Social ETF is not just a story of a social media platform or President Trump. It reflects the transformation of the entire US financial system in accepting digital assets as an official part of the capital market."
Meanwhile, small investors on Truth Social are hoping that if the ETF is approved, it will be a strong boost to make the platform one of the largest cryptocurrency trading centers in the US.
