Bitcoin News Today: Trump Media Files Bitcoin ETF S-1 as SEC Shifts to Crypto Rulemaking

Trump Media has submitted an updated S-1 registration with the U.S. Securities and Exchange Commission (SEC) for its proposed spot Bitcoin exchange-traded fund (ETF), signaling continued momentum in its push to bring the product to market [1]. The firm has selected Crypto.com as both the custodian and liquidity provider for the fund, while Yorkville America Digital will serve as the sponsor [2]. This filing comes amid a broader debate over the regulatory clarity needed for crypto assets and the challenges of differentiating a new Bitcoin ETF in an increasingly saturated market [3].

The SEC, meanwhile, appears to be shifting its focus from litigation to rulemaking, following the conclusion of its case against Ripple. Commissioner Hester Peirce expressed support for this change, calling it an opportunity to develop a “clear regulatory framework for crypto” that fosters innovation while protecting investors [4]. SEC Chair Paul Atkins echoed this sentiment, emphasizing the need for “explicit, innovation-friendly rules” [5]. This strategic pivot suggests a potential long-term effort to provide much-needed guidance in a sector that has long struggled with regulatory ambiguity.

At the state level, Wisconsin lawmakers have introduced legislation targeting Bitcoin ATMs, aiming to address concerns over fraud and consumer protection. With nearly 600 such machines in the state, lawmakers cite $247 million in reported fraud losses as a key justification for tighter oversight. Proposed measures include stricter licensing and compliance requirements for operators, reflecting a growing trend of localized efforts to address specific crypto-related risks [6].

Senator Elizabeth Warren has continued her vocal criticism of the current regulatory landscape, warning that the lack of cohesive oversight could “blow up” the U.S. economy. Her remarks highlight concerns over the influence of political figures in the crypto space and the industry’s lobbying power. Warren emphasized the need for regulation that prioritizes financial stability and consumer protection over industry interests [7].

The U.S. Treasury has also clarified its approach to building a Strategic Bitcoin Reserve. Initially, Treasury Secretary Scott Bessent appeared to rule out direct Bitcoin purchases, but he later clarified that the reserve will be constructed using forfeited Bitcoin rather than newly acquired coins. This approach aligns with President Trump’s executive order and ensures that the government retains seized digital assets rather than liquidating them [8].

Industry observers, including Bloomberg Intelligence analyst Eric Balchunas, have noted the competitive challenges facing Trump Media’s Bitcoin ETF. With the market already saturated by established players, the success of the product will depend on regulatory approval and its ability to differentiate itself [9].

Taken together, these developments illustrate the complex and evolving nature of U.S. crypto regulation. Political, federal, and state actors continue to shape the landscape, while industry participants seek to influence policy and market outcomes. The week’s events underscore the ongoing tension between innovation and oversight, as well as the need for a more cohesive regulatory framework.

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[1] https://cryptonews.com/news/crypto-regulation-weekly-trump-media-bitcoin-etf-sec-move/