The SEC has once again delayed its decision on the Trump Media via Truth Social Bitcoin ETF, setting a new deadline for September 18, 2025.
Since Paul Atkins took over the reins at the SEC, several crypto ETFs have been stalled, including those linked to Solana and Litecoin, due to uncertainties surrounding staking and redemptions.
The Truth Social ETF stands out for its political nature and ambition, aligning with a broader crypto offensive by Trump Media, which also targets Blue Chip and Bitcoin/Ethereum ETFs.
Trump, Bitcoin, and an Explosive ETF Awaiting Approval
A Bitcoin ETF backed by Truth Social, Donald Trump’s social network? The idea seemed far-fetched in 2022. In 2025, it’s (almost) a reality. The project was officially filed in June by Trump Media & Technology Group. However, the SEC has just postponed its decision until September 18.
This delay is not an isolated case. Under the leadership of new President Paul Atkins, the US regulator has frozen several major crypto cases. Among them, several have been delayed, including the Grayscale Solana Trust and the Litecoin ETF proposed by Canary Capital.
A Regulatory Barrier for Crypto ETFs
Since his arrival, Paul Atkins, who was supposed to unlock everything, seems to have instead slowed down the process. The main reason cited: uncertainties surrounding staking and in-kind redemption mechanisms, a particularly sensitive point for ETFs tied to Solana.
This regulatory freeze is a bitter reminder of the Gensler era. In January 2024, the former SEC chairman had approved a first wave of Bitcoin Spot ETFs. The result: over 60 billion dollars injected in a year and a half. A rush towards digital gold that marked a turning point for the industry.
But Atkins’ pace disappoints. Rather than accelerating, he maintains a rather slow rhythm. Each ETF is dissected, each mechanism scrutinized closely. And the SEC systematically takes the full 270 regulatory days before making a decision.
Why does the Truth Social ETF Disturb (or Intrigue)
The fund in question does not come out of nowhere. For several months, Trump Media has been looking to capitalize on crypto enthusiasm. After flirting with the launch of its own token, the firm now wants to make a mark on Wall Street with a homemade Bitcoin ETF.
However, the equation is politically explosive. A financial product stamped with Trump, backed by Bitcoin, and supported by millions of pro-crypto users? The combination is as disturbing as it is fascinating.
Add to that the broader ambitions of the company: Truth Social has also filed two new requests, a ‘Blue Chip Crypto’ ETF, and a mixed Bitcoin + Ethereum fund.
Waiting for September: Uncertainty and Speculation
This postponement until September does not close the door. But it confirms one thing: the Atkins administration will not approve any crypto ETF without recalibrating everything. Staking, redemptions, underlying assets, everything is on the table.
For investors, it’s yet another wait. For the crypto market, a new test of maturity. And for Trump Media, a regulatory showdown that could reshape the landscape of crypto ETFs… or make it explode.
