Trump's Meme Coin Sparks Crypto ETF Rush Amid SEC Overhaul

Two asset management firms have filed for regulatory approval to launch exchange-traded funds (ETFs) linked to a new crypto token launched by former President Donald Trump. This development explores the SEC's readiness to embrace innovative financial products in its latest crypto policy overhaul.

In a bold financial venture, two asset management firms are seeking regulatory approval for exchange-traded funds (ETFs) linked to a newly launched crypto token by former President Donald Trump. This move comes amid a significant transformation in the SEC's approach toward cryptocurrencies.

REX Advisers, which controls ETF issuer REXShares, and Osprey Funds have filed with the U.S. Securities and Exchange Commission (SEC) to introduce a variety of cryptocurrency ETFs. These include those tied to memes like the $TRUMP coin, as well as other established digital currencies including Solana and Ripple's XRP.

With cryptocurrency markets already exhibiting extreme volatility, the application tests the SEC's willingness to sanction innovative products under new leadership. Industry experts remain cautious about the approval prospects, citing the speculative nature of some products.

(With inputs from agencies.)