TMTG, parent company of Truth Social, files for spot Bitcoin ETF with SEC.
Potential conflicts of interest raised in TMTG's Bitcoin ETF application.
TMTG's Bitcoin ETF proposal aims to reflect BTC price through a trust holding the asset.
Today's crypto market is buzzing with major developments, from Trump Media's Bitcoin ETF filing to Circle's NYSE debut and advocacy groups pushing for developer protections in new legislation
Trump Media and Technology Group (TMTG), the parent firm behind Truth Social, requested that the U.S. Securities and Exchange Commission (SEC) offer a spot Bitcoin exchange-traded fund (ETF). In the S-1 filed on June 5, the company outlines plans to reflect the price of Bitcoin through a trust holding the asset on behalf of shareholders.
The ETF, if approved, will be listed on NYSE Arca. The application is made in collaboration with Yorkville America Digital, a crypto asset manager, and includes Crypto.com as the exclusive custodian and liquidity provider. According to the filing, Crypto.com will offer certain services only to this ETF product.
Due to the ETF’s structure, potential conflicts of interest are a concern. According to the documents, sponsors can open Bitcoin trades ahead of the ETF, which could affect its performance. In cases of blockchain forks, the ETF will not offer holders rights to associated digital assets, as the trust will permanently abandon any incidental rights.
Several cryptocurrency policy organizations have urged U.S. lawmakers to include specific protections for software developers and infrastructure providers in upcoming digital asset legislation. The DeFi Education Fund, Coin Center, Solana Policy Institute, and others issued a joint statement on June 5 advocating for the Blockchain Regulatory Certainty Act.
Representatives Tom Emmer and Ritchie Torres reintroduced the bill to distinguish non-custodial platforms and cryptocurrency developers from financial institutions. They contend that developers dealing in decentralized finance shouldn’t be regulated according to rules made for traditional finance firms.
As lawmakers consider broader digital asset regulation, bills such as the Digital Asset Market Clarity Act have also emerged. This aims to determine the roles of the SEC and the CFTC in regulation, establish rules for separating client funds, and ensure that investors are aware of the risks. During ongoing hearings, committee members are still discussing the role of decentralization, and the definition of blockchain maturity continues to be explored in subsequent committee hearings.
Circle, the issuer of the USDC stablecoin, officially began trading on the New York Stock Exchange (NYSE) on June 5 under the ticker CRCL. Circle CEO Jeremy Allaire confirmed the debut through a post on social media platform X. The public listing follows 12 years of private operations since the company’s founding.
The company’s IPO raised $1.05 billion, with 34 million shares sold at $31 each. This marked an increase from the initial plan to offer 24 million shares at a lower price range. Prominent crypto figures such as Michael Saylor and Coinbase legal officer, Paul Grewal, publicly acknowledged the listing.
USDC’s market capitalization has been on the rise, and Circle’s listing adds to that trend. Since the beginning of the year, the stablecoin has seen a rise of more than 40% in its value, increasing from $43.7 billion to over $61.5 billion. Although USDC’s value has increased, Tether’s USDt remains ahead in terms of market capitalization.