TRUMP Coin ETF's Regulatory Hurdles Test Meme Coin Mainstream Aspirations

The Depository Trust & Clearing Corporation (DTCC) has listed Canary Capital Group's TRUMP Coin ETF under the ticker symbol TRPC, marking a procedural milestone in integrating politically themed meme coins into traditional finance. The ETF, which tracks the Solana-based Official Trump ($TRUMP) token, was registered in Delaware on August 13, 2025, with the SEC filing following two weeks laterThe Market Periodical^[1]. This development confirms the ETF meets infrastructure requirements for clearing and settlement, though regulatory approval remains pending. The TRUMP token, which surged 3% to $7.80 post-listingThe Crypto Basic^[2], has since traded at $7.69, approximately 90% below its January 2025 all-time high of $73.43CoinCentral^[3].

The DTCC listing aligns with broader industry trends, including the recent addition of the 21Shares DOGE ETF to the platformThe Market Periodical^[4]. However, the TRUMP Coin ETF faces significant regulatory hurdles. Bloomberg ETF analyst Eric Balchunas highlighted that the SEC typically requires a six-month futures market for an asset before approving a spot ETF. Currently, no regulated TRUMP futures exist, delaying potential approval until early 2026The Crypto Basic^[5]. The SEC's February 2025 reclassification of meme coins as non-securities has removed a prior regulatory barrier, but the absence of a futures market remains a critical obstacleCoinCentral^[6].

Parallel efforts to stabilize the TRUMP token include a $200 million to $1 billion fundraising initiative by Fight Fight Fight LLC, the token's issuer. Led by Bill Zanker, a close associate of Donald Trump, the initiative aims to establish a digital asset treasury to repurchase tokens and reduce supplyYahoo Finance^[7]. This strategy could stabilize the token's price, which has plummeted from $75 to $8 since its January 2025 launch. The proposed treasury buybacks represent a substantial portion of the token's $1.54 billion market cap, with a $1 billion raise equivalent to over 50% of its current valuationThe Market Periodical^[8].

Market analysts remain cautious. Balchunas noted that the ETF's direct exposure to TRUMP's volatility, without offshore buffers or Treasury holdings, could deter regulatory approvalThe Crypto Basic^[9]. Additionally, the token's circulating supply is only 35% unlocked, with 65% held by Trump-linked entitiesCryptonomist^[10]. This concentration raises governance and transparency concerns, particularly as political scrutiny intensifies. At least 35 House members have requested investigations into potential emoluments and bribery allegations tied to Trump-related crypto venturesAccountable.US^[11].

The DTCC listing and treasury initiative coincide with a broader surge in institutional crypto OTC trading. Finery Markets reported a 106% annual increase in 2024, driven by pro-crypto sentiment under the Trump administrationCoinTelegraph^[12]. However, the TRUMP Coin ETF's niche appeal-targeting Trump supporters and meme coin enthusiasts-contrasts with mainstream crypto ETFs like those for Bitcoin and Ethereum. While the SEC's regulatory clarity could catalyze approvals, the TRUMP Coin ETF's fate hinges on navigating both market volatility and political entanglementsGate.io^[13].