Trump Coin ETF's DTCC Win Doesn't Clear SEC's Regulatory Hurdles

Canary Capital's Trump Coin ETF (TRPC) has secured a listing on the Depository Trust & Clearing Corporation (DTCC) platform, a procedural milestone indicating operational readiness for clearing and settlement. This development positions the fund to integrate into traditional financial workflows, though the U.S. Securities and Exchange Commission (SEC) must still approve the product. Analysts anticipate a decision no earlier than early 2026, aligning with broader regulatory timelines for crypto assets The Financial Analyst^[1]. The DTCC listing places TRPC alongside other crypto-themed products, such as 21Shares' DOGE ETF, signaling rising institutional interest in meme-coin exposure through regulated structures Coinsurges^[2].

Market activity has surged in response to the DTCC listing. Open interest in TRUMP token derivatives rose 6% to $350.9 million, while trading volumes on platforms like Binance, Bybit, and OKX spiked. Technically, the token has found support near $7.00, with a potential breakout above $7.80–$8.00 targeting the psychological $10.00 level. Analysts attribute this optimism to two key catalysts: regulatory progress and treasury initiatives. Fight Fight Fight LLC, the entity behind the TRUMP token, has proposed raising $200 million–$1 billion to establish a digital asset treasury, aiming to stabilize liquidity and price volatility Holder.io^[3].

The TRUMP token remains highly volatile, trading at $7.8–$8, or 90% below its January peak of $75. This volatility underscores the appeal of an ETF structure, which offers institutional-grade custody, standard settlement, and brokerage access-features critical for large-scale capital deployment. However, experts caution that DTCC listing does not equate to SEC approval. Historically, the SEC has required robust, regulated futures markets for novel assets before approving spot products. Currently, no TRUMP futures exist on regulated exchanges, complicating the path to approval The Market Periodical^[4].

Regulatory hurdles remain significant. The SEC's February 2025 staff statement clarified that meme coins are not securities, removing them from direct oversight. However, the agency's preference for six months of regulated futures trading before spot ETF approval persists. Until formal guidance materializes, alternative structures-such as diversified funds-may be more likely than a standalone TRPC launch Blockonomi^[5].

Key watchpoints include the SEC's regulatory timeline, market microstructure trends, and treasury actions. Sustained open-interest growth without excessive leverage would signal healthy demand. Updates on Fight Fight Fight LLC's capital raise and buyback plan will also be critical. A breakout above $7.80–$8.00 with volume, coupled with favorable regulatory and treasury developments, could propel the token toward $10.00, further legitimizing meme-coin investments CoinCentral^[6].