Trump's company tries new crypto initiatives
Former US President Donald Trump, through his media company Trump Media and Technology Group (TMTG), continues to expand his presence in the cryptocurrency market. This time, TMTG has filed two new applications with the Securities and Exchange Commission (SEC) to register crypto-related exchange-traded funds (ETFs).
The first fund aims to track the price of the Cronos token, the native cryptocurrency of the Crypto.com platform. The second proposed ETF will track a basket of Bitcoin and Ethereum - the two largest cryptocurrencies. This is TMTG's second attempt to launch crypto ETFs after the initial application filed last year is still under SEC review.
It is worth noting that the SEC has been cautious about approving crypto-related ETFs. The regulator has already rejected dozens of such ETF applications, citing insufficient transparency and high volatility in the cryptocurrency market. However, a number of players continue to submit new applications, hoping to eventually get the SEC's green light.
Expert opinion
These new TMTG filings demonstrate that Trump's company is seriously interested in expanding its presence in the cryptocurrency market. The launch of crypto-related ETF funds would be an important milestone, as it would open access to this growing segment for a wide range of investors.
At the same time, the issue of approving such funds by the SEC remains open. The regulator is in no hurry to give the green light, given the high volatility and lack of transparency in the cryptocurrency market. Therefore, the success of TMTG's applications will largely depend on the company's ability to convince the SEC that the market is ready for the launch of such funds.