A cartoon picture of US President-elect Donald Trump with cryptocurrency tokens, depicted in entrance of the White Home to mark his inauguration, displayed at a Coinhero retailer in Hong Kong, China, on Monday, Jan. 20, 2025.
Paul Yeung | Bloomberg | Getty Pictures
A brand new securities submitting Tuesday revealed that an ETF issuer is already speeding to launch a fund to trace the brand new Trump crypto token.
The proposed fund is known as the Rex-Osprey Trump ETF. The fund might achieve publicity to the Trump token at the least partially via a Cayman Islands subsidiary, in accordance with the doc. The submitting doesn’t have a ticker or payment listed.
The kind of submitting and the preliminary particulars included recommend that the fund could be legally totally different from how the favored bitcoin ETFs function. That might assist the fund launch extra rapidly, nevertheless it might additionally enhance the probability that regulators reject the proposal.
The submitting Tuesday comes on the primary enterprise day after final Friday’s launch of Trump coin, which is constructed on the Solana platform. The token has been extremely risky however seems to be price billions of {dollars} of notional worth to the Trump household.
The web site for the token, shared by Trump himself on social media, mentioned that Trump coin is meant to be “an specific of help” and never “an funding alternative.”
The proposed Rex-Osprey Trump ETF is one among a flurry of latest crypto ETF filings in current days. The identical fund collection paperwork for the Trump ETF additionally listed proposals for funds following the 2 majors crypto cash — bitcoin and ether — and secondary cash solana and XRP, in addition to meme cash bonk and doge.
Proposals for a number of different funds got here late Friday, together with the multi-token CoinShares Digital Asset ETF and a collection of leveraged and inverse XRP funds from ProShares.
The crypto ETFs at the moment market within the U.S. observe simply bitcoin and ether or the futures contracts for these tokens. Crypto merchandise have been considered skeptically by former Securities and Alternate Fee Chair Gary Gensler, however each the ETF and crypto business anticipate {that a} wider scope of funds might launch beneath the Trump administration.
Appearing SEC Chair Mark Uyeda introduced Tuesday that the SEC has launched a “crypto activity drive” to assist develop a clearer regulatory framework round digital property.