tl;dr
The U.S. Securities and Exchange Commission (SEC) delayed its decision on the Truth Social spot Bitcoin ETF, filed by NYSE Arca on behalf of Trump Media and Technology Group (TMTG), with a public comment period opened in September 2025. The ETF, if approved, would operate as a commodity-based trust ...
**SEC Delays Bitcoin ETF Decision: What’s Next for Crypto Investors?**
The U.S. Securities and Exchange Commission (SEC) has thrown another curveball at crypto investors, delaying its decision on the approval of the Truth Social spot Bitcoin exchange-traded fund (ETF). The move, announced in late September 2025, has left market watchers scrambling to decode the agency’s next steps—and what it means for the future of digital assets.
The application, filed in June 2025 by NYSE Arca on behalf of Trump Media and Technology Group (TMTG), was initially slated for review. But the SEC extended the timeline in late July, then opened a public comment period on September 16. This isn’t just a bureaucratic formality. The agency’s call for feedback signals a cautious approach, as it weighs the risks and rewards of allowing a Bitcoin ETF tied to the social media platform of former President Donald Trump.
If approved, the fund would operate as a commodity-based trust under Rule 8.201-E, holding Bitcoin directly and tracking its price minus fees. Yorkville America Digital, LLC, would sponsor the ETF, which would trade on NYSE Arca. But this isn’t the only crypto product on the SEC’s radar. TMTG has also submitted applications for a “Crypto Blue Chip ETF” (tracking BTC, ETH, SOL, CRO, and XRP) and a BTC/ETH-focused fund. While the latter’s decision was moved to October 8, the Blue Chip ETF remains under active evaluation—though no formal delay has been announced.
The broader crypto ETF landscape is even more chaotic. Over 92 applications are still pending, with the SEC’s new Chair, Paul Atkins, overseeing a wave of extensions. Franklin Templeton’s SOL and XRP ETFs now face November 14 deadlines, while BlackRock’s iShares ETH Trust is set for October 30. Even niche products like Grayscale’s HBAR Trust and Bitwise’s DOGE ETF have been pushed to November 12.
What’s driving these delays? Analysts suggest the SEC is grappling with the rapid evolution of the crypto market. “The agency is trying to balance innovation with investor protection,” says Nate Geraci of NovaDius Wealth Management. But the Trump administration’s regulatory shift has also sparked optimism. “A pro-crypto stance could accelerate approvals for altcoin ETFs in the next two months,” Geraci predicts.
For now, the SEC’s hesitation leaves investors in limbo. Will the Truth Social ETF become a reality, or will it join the growing list of stalled proposals? And how will the agency’s evolving priorities shape the future of crypto investing?
As the October deadlines loom, one thing is clear: the race to tokenize Bitcoin and other digital assets is far from over. What’s your take? Do you think the SEC will greenlight more ETFs soon, or will delays continue to stoke uncertainty? The crypto world is watching—and waiting.