Trump Media Seeks SEC Approval for Truth Social Crypto ETF Tether Holds $8 Billion in Gold Amid Regulatory Concerns New Zealand Proposes $5,000 Cash Transfer Cap and Crypto ATM Ban

Trump Media & Technology Group has submitted a request to the U.S. Securities and Exchange Commission to approve the Truth Social Crypto Blue Chip ETF. This fund is designed to focus on the five most traded tokens on public blockchains, with a significant emphasis on bitcoin and ether, which together make up 85% of the portfolio. Solana, cronos, and XRP are also included, with allocations of 8%, 5%, and 2% respectively. Yorkville America Digital will manage the fund, while Crypto.com’s Foris DAX Trust Company will handle the cold storage of the coins.

Tether Holdings, the company behind the USDT stablecoin, has revealed that it holds approximately $8 billion in gold bars within a secure vault in Switzerland. The Chief Executive, Paolo Ardoino, described the vault as "the most secure in the world" but did not disclose its exact location. This gold stash, equivalent to nearly 80 metric tons, positions Tether as one of the largest private gold owners outside of banks and sovereign treasuries. Precious metals constitute about 5% of the assets backing USDT, and Tether generates income from these reserves by investing in Treasuries and other liquid instruments. However, this gold holding may conflict with upcoming regulations, such as the European Union’s MiCA framework and a draft U.S. bill, which restrict stablecoin backing to cash or short-dated government debt. Additionally, Tether issues XAUT, a token redeemable for one ounce of gold in Switzerland, which currently represents 7.7 tons.

New Zealand's Associate Justice Minister, Nicole McKee, has introduced a draft law aimed at strengthening the region’s anti-money-laundering measures while reducing bureaucratic burdens for most businesses. The proposed legislation includes a $5,000 cap on single cash transfers sent abroad and a ban on crypto ATMs. Furthermore, law enforcement agencies, including the Police and the Financial Intelligence Unit, will gain the authority to demand continuous account data on individuals of interest, addressing the current lag that allows funds to disappear offshore. To fund these upgrades, the government plans to implement a levy, with details to be discussed during industry consultations. McKee argues that enhanced technology and clearer regulations will result in cost savings compared to the current system.