Truth Social Reverses Crypto ETF Plans with SEC Withdrawal

Asset management firm Yorkville America, behind Truth Social, has withdrawn its previous applications for three cryptocurrency exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC).

The company submitted the applications for a Truth Social Bitcoin ETF, a Bitcoin and Ethereum ETF, and a Crypto Blue Chip Stocks ETF. However, it has now decided to shift from the Securities Act of 1933 framework to the Investment Company Act of 1940 framework.

This change aims to provide stronger investor protection and tax advantages. While it is unclear if Yorkville America will continue to pursue crypto ETFs under the new framework, the company did not rule out future applications.