On July 7, the US Securities and Exchange Commission (SEC) officially announced a review period for a proposed Truth Social Bitcoin and Ethereum ETF, filed by NYSE Arca on June 24.
BREAKING: PRESIDENT TRUMP’S TRUTH SOCIAL FILES TO OFFICIALLY LAUNCH #BITCOIN ETF ON NYSE
IT’S HAPPENING 🔥 pic.twitter.com/X8TYYDgSoJ
— The Bitcoin Historian (@pete_rizzo_) June 24, 2025
The fund, named “Truth Social Bitcoin and Ethereum, Truth Social Bitcoin and Ethereum ETF, B.T. (the “Trust”), would allow stock market investors to trade shares linked to Bitcoin and Ethereum prices.
Sui Chung, CEO and chairman of CF Benchmarks said, “There is little that is different about this new venture other than the way it could be marketed. Given Truth Social’s involvement, it may very well be that (these) are marketed directly to individual investors and that this ends up getting attention from those investors in the same way that people who love their iPhones buy Apple AAPL.O stock.”
Last month, Trump Media & Technology Group filed plans with the SEC to launch a dual cryptocurrency ETF tracking both Bitcoin and Ethereum, its second crypto fund proposal in just two weeks.
The new ETF would compete with established players like BlackRock’s $72.5 billion iShares Bitcoin ETF if approved, potentially creating the first major politically-branded crypto investment products.
This aggressive effort comes as the SEC separately reviews NYSE Arca’s earlier filing for the related ‘Truth Social Bitcoin ETF’, which shows growing momentum behind Trump-linked digital asset ventures.
“It will be a challenge for any new entrant in this market,” Bryan Armour, ETF analyst at Morningstar, said. “The only way to stand out will be through fees or brand.”
As Trump’s Crypto Venture Grows, So Does The Backlash
Once a vocal critic of Bitcoin, calling it ‘a scam,’ Donald Trump reversed his stance during his 2024 presidential campaign. Since then, he has consistently sought to appeal to the crypto community.
As a pro-crypto president, he signed an executive order during his tenure to establish a national Bitcoin Strategic Reserve, consisting of approximately 200,000 Bitcoins already seized in criminal and civil proceedings.
However, US President Donald Trump is facing backlash for his crypto ventures like World Liberty Financial, USD1, and $TRUMP memecoin.
For example, Senator Elizabeth Warren has raised alarms that Trump-linked crypto ventures, including a UAE-based $2 billion deal, could exploit weaknesses in proposed stablecoin laws, which could open floodgates for financial misconduct.
Senator Elizabeth Warren wrote in a post on X, “The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the United Arab Emirates—a foreign government that will give them a crazy amount of money. The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.”
Also Read: HTX Lists Trump-Linked USD1 Stablecoin on Tron Network
