The president of the United States, Donald Trump, continues to strengthen his link with the crypto ecosystem. This week, the New York Stock Exchange (NYSE) received a formal presentation to launch a Background quoted in the stock market (ETF) of Bitcoin in cash associated with Social truththe social network owned by Trump Media.
The application was submitted by NYSE ARCAa subsidiary of the main American stock market, through the form 19B-4 before the Bag and Securities Commission (SEC)thus initiating the regulatory review process. The ETF, which would bear the name Truth Social Bitcoin ETFthe price of Bitcoin would follow, in line with other similar products already existing.
The fund would be managed by Yorkville America Digitala cryptoactive manager who maintains corporate links with Trump Mediathe company behind Truth Social. Although Trump is the majority shareholder, his actions were transferred to a Trust controlled by his son, Donald Trump Jr.before assuming the presidency again.
The proposed custodian of the ETF is Foris Dax Trust Companythe same entity that currently protects the platform assets Crypto.com.
What does the presentation imply and what comes now
Form 19B-4 is mandatory for self-regulated (SROS) organizations that seek to modify their rules, in this case, to list a new financial product. The SEC has an initial term of 45 days to accept, reject or extend the request of the application. That period can be extended to a maximum of 240 days.
In addition to 19B-4, the ETF issuer must present a second document-the S-1 form– Detailing the operation of the fund, the planned uses of capital, and the risks associated with investment in Bitcoin.
From Congress, Democratic legislators They questioned Trump’s relationships with the crypt world, warning about possible conflicts of interest given its influence on the regulation of the sector. They point out that the president could benefit directly from products linked to Bitcoin and previous initiatives such as collections of NFTmemecoins or even platforms with own tokensas World Liberty Financial.
In parallel, Trump Media continues to expand its presence in the digital ecosystem. According to the company’s CEO, Devin Nunesat the end of April, The company plans to integrate a digital wallet and a crypto token in its future streaming platform, Truth+.
In addition, the firm recently announced a Private placement of actions with which he hopes to collect USD 2.5 billionfunds that would be allocated, among other things, to the direct purchase of Bitcoin.
Source: Ambito
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