US President Donald Trump’s crypto empire may grow larger as plans are revealed for an exchange-traded funds (ETFs) that will be branded under his Truth Social social media platform.
Stock exchange NYSE Arca filed for the Truth Social Bitcoin ETF with the Securities and Exchange Commission on June 3 on behalf of crypto asset manager Yorkville America Digital, a partner of Truth Social’s owner, Trump Media & Technology Group.
Trump owns the majority of Trump Media. However, he transferred his shares to a trust that is controlled by Donald Trump Jr. before entering the White House again.
This ETF aims to track Bitcoin’s price and list it on the NYSE Arca.BTC). The filing listed Foris DAX Trust Company (the custodians of Crypto.com’s assets) as the proposed custodian, without revealing a management or ticker fee.
The Trump-linked ETF will join a crowded Bitcoin ETF marketplace of 11 funds with similar assets, dominated by BlackRock’s iShares Bitcoin Trust ETF(IBIT), which has nearly $69 Billion in assets.
Trump’s recent ties with crypto could be a further source of controversy. which critics say Trump’s presidential duties are in conflict and have been accused by Trump of profiting off the presidency.
Trump and his relatives are involved in a growing number of cryptocurrency projects. These include memecoins (two), stablecoins (a stablecoin), crypto mining companies, and crypto platforms with associated tokens.
Trump Media filed for ETF after Trump ETF signed an agreement In April, Yorkville America Digital Crypto.com launches a new series of products “Made in America” Crypto ETFs.
Truth Social Bitcoin ETF has filed a 19b-4 with the Securities and Exchange Commission. This filing effectively begins the SEC’s review processThe decision must be made within 45 working days. The decision can be delayed multiple times for up to 240 review days.
Related: Donald Trump gives conflicting answers over memecoin profits
By Jan. 29, 2020, the SEC will have to decide whether or not the request is approved.
Yorkville must also file an S-1 Registration Statement for the ETF. This statement informs SEC of what fund intends to offer and how the ETF will be operated. It will also explain how the ETF will use the proceeds it receives from investors, as well as the associated risks.
Trump Media has also filed for bankruptcy. “Truth.Fi Bitcoin Plus ETF” In February, the fintech platform could be allocated a part of $250 million. Truth.Fi.
Trump Media is integrating crypto into its video streaming website
Trump Media also wants to integrate with a crypto token and wallet Devin Nunes told the shareholders of Truth+ on April 29, 2018.
“We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere.”
Trump Media announced its first plans to launch a crypto payment venture in November last year. filed a trademark application Truth.Fi is working with the US Patent and Trademark Office on a wallet for digital assets and allowing crypto payment processing.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
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Source: cointelegraph.com
