US SEC delays decision on Trump's Truth Social bitcoin ETF

The U.S. Securities and Exchange Commission is pushing back its decision on whether to approve an exchange-traded fund issued by Truth Social, a social media platform operated by Trump Media & Technology Group. 

In a filing on Monday, the SEC stated that it would postpone its decision until Sept. 18. 

"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," the agency said. 

Truth Social, on which President Donald Trump posts on regularly, filed for the Truth Social Bitcoin ETF in June. Approval for the Truth Social Bitcoin ETF would deepen Trump-linked crypto activity, following the president's foray into memecoins and the Trump family-backed DeFi project World Liberty Financial.

The SEC initially granted approval to spot Bitcoin ETFs in the U.S. in January 2024. Since launch the 12 approved funds to date have amassed cumulative inflows of over $54.8 billion, making the category as a whole one of the best performing on record. The SEC has also granted approval to list Ethereum ETFs, though has otherwise delayed decisions on spot-traded altcoin funds. 

On Monday, the SEC also delayed its decision on whether to approve of the Grayscale Solana Trust until Oct. 10. Several firms are vying to get the SEC's sign-off to list and trade a SOL ETF, including Canary, Bitwise, 21Shares, and VanEck. 

Delays on whether to approve or disapprove of funds are routine for the agency. The SEC has received an uptick in proposals for dozens of types of crypto ETFs, ranging from ones tracking Solana to DOGE since President Donald Trump took office in January. Trump has made several moves to show support for the industry, including tapping crypto-friendly SEC Chair Paul Atkins to lead the agency and has vowed to make the U.S. the "crypto capital."