“`html
\n<\/p>\n
The US Securities and Exchange Commission (SEC) on Monday postponed its verdict regarding the proposed Truth Social Bitcoin exchange-traded fund (ETF), pushing the review date to Sept. 18 from Aug. 4.<\/p>\n
The fund, supported by the Trump Media and Technology group, is pursuing approval to list the Truth Social Bitcoin ETF on the NYSE Arca exchange under the SEC\u2019s commodity-based trust share framework.<\/p>\n The regulatory body, which can take as long as 270 days to either approve or deny ETF applications, stated that it extended the review<\/a> timeframe to allow additional time for assessing the proposal and any concerns raised.<\/p>\n The Bitcoin ETF backed by Trump wasn\u2019t the sole fund encountering delays from the SEC today. The agency also delayed decisions regarding Grayscale\u2019s Solana Trust<\/a>, which is now extended to Oct. 10, and Canary Capital\u2019s proposed Litecoin ETF.<\/p>\n Hester Peirce, a commissioner at the SEC \u2014 known as \u201cCrypto Mom\u201d for her supportive stance on cryptocurrencies \u2014 recently encouraged industry participants to anticipate slower approvals. \u201cPeople must be patient\u2026 We are navigating some ongoing litigation. There are numerous other factors to consider,\u201d she expressed in an interview<\/a> with Bloomberg in May.<\/p>\n Nevertheless, today\u2019s delays are swift compared to historical precedents. It took more than a decade from the first spot Bitcoin ETF application<\/a> in 2013 for the SEC to ultimately approve it in January 2024.<\/p>\nThe SEC remains cautious<\/h2>\n