--- title: "Trump’s Truth Social withdraws bitcoin ETF application from SEC" type: "News" locale: "en" url: "https://longbridge.com/en/news/286990801.md" description: "Truth Social, operated by Trump Media & Technology Group, has withdrawn its applications for Bitcoin and Ethereum ETFs, as stated in filings to the SEC. The decision aims to pursue a more compelling ETF strategy under the '40 Act, which offers better investor protections and tax efficiency. The competitive landscape, particularly with Morgan Stanley's low-fee Bitcoin ETF, influenced this move. The SEC approved spot Bitcoin ETFs in January 2024, which have since attracted significant inflows." datetime: "2026-05-20T02:08:52.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286990801.md) - [en](https://longbridge.com/en/news/286990801.md) - [zh-HK](https://longbridge.com/zh-HK/news/286990801.md) --- # Trump’s Truth Social withdraws bitcoin ETF application from SEC Truth Social, the social media platform run by Trump Media & Technology Group, has filed to withdraw its applications for crypto exchange-traded funds. According to filings submitted to the Securities and Exchange Commission on Monday, the firm requested to withdraw its Form S-1 registration statement for the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF, filed in June 2025. "The Company has determined to withdraw the Registration Statement and not to pursue the public offering at this time," the filing said. Alongside the filings, Yorkville America, the sponsor and investment advisor for Truth Social funds, said in a statement that the withdrawal was intended to pursue a more compelling ETF strategy. "After careful evaluation, the '40 Act structure allows us to bring more differentiated investment strategies to our investors that are not possible under the '33 Act framework," said Steve Neamtz, president of Yorkville America. The '33 Act refers to the Securities Act of 1933, while the '40 Act is the Investment Company Act of 1940. Both are U.S. federal securities laws, but serve different purposes and focus areas. The '33 Act primarily regulates the initial offering and sale of securities to the public, whereas the '40 Act governs the structure, operations, and governance of investment companies. Yorkville America said the '40 Act framework offers structural advantages for investors, including enhanced investor protections, heightened accessibility, tax efficiency, and transparency. **Competitive landscape** "I suspect it has more to do with the competitive landscape for spot bitcoin ETFs," said Bloomberg Research Analyst James Seyffart. "Particularly with Morgan Stanley’s MSBT (MSBT) coming in at 14 bps." Morgan Stanley launched MSBT last month with the lowest fee ratio among U.S. bitcoin ETFs. It has since attracted over $230 million in inflows, already surpassing Hashdex and WisdomTree's BTC funds in net assets. The SEC initially approved spot bitcoin ETFs in the U.S. in January 2024. Since launch, the approved funds have amassed cumulative inflows of over $57.7 billion, making the category one of the best-performing ETF launches on record. Truth Social's ETF applications have also faced delays from the SEC. Approval of such a fund would be another addition to President Trump's crypto-related activities, which include his involvement in memecoins and the DeFi project World Liberty Financial. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. 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