The New York Stock Exchange (NYSE) requested a change in the law to permit the listing of an Exchange Traded Fund (ETF) from Trump Media and Technology Group. The proposal for a change comes in due time– just 8 days after Trump Media made a collaboration with Yorkville America, filed a prospectus for the Truth Social Bitcoin, and Ethereum ETF. The ETF reportedly will feature a 75% Bitcoin and 25% Ethereum holdings ratio.
The 19b-4 rule change plays an important role in the regulatory process in considering ETFs; however, the SEC retains the right to reject or approve the ETF.
The SEC filing reads that the exchange believes the proposed rule change is designed to prevent fraudulent and manipulative acts and practices, so that the shares will be listed and traded on the exchange according to the initial and continued listing criteria in the NYSE.
Meanwhile, the crypto market is excited about more crypto ETFs that could be approved. Among the many cryptocurrencies that are anticipated to launch their ETFs are XRP, Solana, and Litecoin. Bloomberg ETF analyst James Seyffart and Eric Balchunas tweeted that the XRP, Litecoin, and Solana ETFs had a 95% chance of being approved. The analysts also gave a 90% chance for the approval of Cardano, Hbar, and Polkadot ETFs.
