The mighty SEC, that paragon of regulatory wisdom, has once again thrown a monkey wrench into the crypto world 🐒. In a move that would make even the most seasoned bureaucrat yawn, the agency has delayed decisions on Truth Social’s Bitcoin ETF and Grayscale’s Solana Trust, pushing the deadline to September 18. A triumph of inefficiency, truly.
The SEC’s Eternal Stumble: A Bitcoin ETF in Peril 🧗♂️💸
Truth Social’s ETF, a brainchild of the Trump Media and Technology Group, aims to grace the NYSE Arca Exchange. Submitted on June 3, it’s currently languishing in the regulatory purgatory of “early stages.” One might ask: Is this a fund, or a Russian novel?
Originally slated for an August 4 verdict, the SEC has now granted itself 45 extra days to ponder. “To consider public comments,” they say. To be fair, the public’s comments likely include “Why is this taking so long? 🤔”
The SEC’s notice reads like a bureaucratic sonnet: “The Commission finds it appropriate to designate a longer period… to consider the proposed rule change.” A masterpiece of tedium, truly.
Crypto Ties and Political Concerns Jumble 🧠🌀
President Trump, ever the shrewd investor, has turned his crypto ventures into a veritable goldmine. If approved, the Truth Social ETF would be the first crypto fund tied to a U.S. president—a distinction that would make even the Kremlin blush. Democrats, meanwhile, are busy clutching their pearls. 🍑
Senator Jeff Merkley, ever the alarmist, warns that allowing Trump’s ETF could lead to a “crisis of epic proportions”—a phrase that sounds more like a Shakespearean tragedy than a regulatory concern. 🎭⚖️
While the SEC greenlit spot Bitcoin ETFs earlier this year, its hesitation over Truth Social reveals a deeper fear: that the crypto world is simply too chaotic for mortal regulators. 🌀
And Grayscale’s Solana Trust? It’s now facing a October 10 approval date. One can only imagine the suspense… 🕰️🌀
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2025-07-29 15:47