The US Securities and Exchange Commission has delayed its decision on a proposed bitcoin exchange-traded fund from Truth Social, a social media platform with ties to Donald Trump. The SEC announced the delay on Monday, giving itself until September 18 to decide on the proposal, which was submitted in June by Trump Media & Technology Group.
This decision is part of a broader pause on crypto ETF applications under the new SEC leadership. Other proposals, including the Grayscale Solana Trust and Canary Capital's Litecoin ETF, have also been put on hold.
The SEC typically takes the maximum allowed time of 270 days to review such applications. The agency has been discussing key issues like staking and redemption mechanics with fund issuers. This delay comes after the SEC previously approved a batch of spot bitcoin ETFs, which have attracted over $55 billion in investments.
The SEC stated that the extension is to allow sufficient time to consider the proposed rule change. Truth Social is also exploring other cryptocurrency products, including a CryptoBlue Chip ETF and a dual bitcoin and ethereum ETF.