XRP News Today: Trump Backed Truth Social Files for BTC ETH ETF

A company backed by the President of the United States has filed with the U.S. Securities and Exchange Commission (SEC) for a joint Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF).

According to a new S-1 Filing with the SEC, President Trump’s Truth Social, a social media network, has filed for a new BTC/ETH ETF. The purpose of the Trust is to own bitcoin and ether transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of bitcoin and ether held by the Bitcoin and Ether Custodian on behalf of the Trust.

The fund is sponsored by Yorkville America Digital, and crypto custody will be handled by Foris DAX Trust Company, LLC, which is connected to digital asset exchange Crypto.com. This move comes after Trump reportedly blackballed a lobbying firm for allegedly manipulating him into posting on social media about XRP. In early March, Trump announced on his Truth Social platform that he directed the Presidential Working Group on Digital Asset Markets “to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA.”

This filing marks a significant development in the cryptocurrency market, as it represents a high-profile endorsement of digital assets by a former U.S. President. The involvement of Yorkville America Digital and Foris DAX Trust Company, LLC, adds credibility to the initiative, given their expertise in digital asset management and custody. The filing also highlights the growing interest in ETFs that track multiple cryptocurrencies, as investors seek diversified exposure to the digital asset class.

However, the SEC has a history of being cautious about approving cryptocurrency ETFs, citing concerns about market manipulation and investor protection. The outcome of this filing will depend on the SEC's review process and its assessment of the risks and benefits associated with the proposed ETF. If approved, the BTC/ETH ETF could pave the way for similar products and further legitimize cryptocurrencies as an asset class.

In summary, President Trump’s Truth Social has filed with the SEC for a joint Bitcoin and Ethereum ETF, sponsored by Yorkville America Digital and with crypto custody handled by Foris DAX Trust Company, LLC. This development underscores the increasing mainstream acceptance of cryptocurrencies and the potential for diversified ETFs to attract more investors to the digital asset market. The SEC's decision on this filing will be closely watched by industry participants and could have significant implications for the future of cryptocurrency ETFs.