- Rex Shares and Osprey Funds filed applications for multiple crypto ETFs, including one tracking TRUMP token.
- The TRUMP memecoin saw $17 billion in trading volume while dropping 25% in 24 hours.
- First Lady’s MELANIA token trades at $4, highlighting the growing trend of political figure-linked cryptocurrencies.
- New administration renamed U.S. Digital Service to “Department of Government Efficiency” with Dogecoin mascot.
- Applications include ETFs for BONK, XRP, and SOL, awaiting SEC review.
Rex Shares and Osprey Funds submitted applications to the Securities and Exchange Commission for several cryptocurrency exchange-traded funds, marking a bold move in the evolving relationship between digital assets and traditional financial products.
Political Tokens Take Center Stage
The centerpiece of the filing is an ETF designed to track the TRUMP token, a cryptocurrency introduced by President Trump. The token generated substantial market activity, recording $17 billion in trading volume within 24 hours, despite a 25% price decline during the same period.
Regulatory Landscape Shifts
The timing of these applications follows recent precedents where the SEC approved spot Bitcoin and Ethereum ETFs after years of careful consideration. James Seyffart, ETF analyst at Bloomberg Intelligence, notes: "This appears to be issuers testing boundaries with a new SEC administration while exploring innovative structures for digital asset exposure in ETF format."
Beyond Political Tokens
The ETF applications extend beyond political figures’ tokens. According to the SEC filing, the issuers seek approval for funds tracking various digital assets, including:
- Dogecoin (DOGE), connected to the newly established Department of Government Efficiency
- BONK (a memecoin)
- XRP (associated with Ripple‘s payment network)
- SOL (Solana’s native cryptocurrency)
Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, described the Trump ETF application as "surreal," reflecting the unprecedented nature of these financial products merging politics with cryptocurrency markets.
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