SEC delay Truth Social Crypto ETF because political wahala dey
For di 18th August, di U.S. Securities and Exchange Commission (SEC) postpone dia decision for di Truth Social Crypto ETF, wey suppose follow Bitcoin and Ethereum, and extend di review till October 8. Dis review na normal regula try but e get serious eye cos e dey linked to Trump Media & Technology Group (TMTG) plus President Donald Trump crypto assets. Accountable.US, one watchdog group, beg dem make dem no approve am because conflict of interest dey, talk say Trump get 52% stake for TMTG, and dem earnings for Q1 2025 nko? Just $821,200, way no strong beside di $5 billion value. People still get wahala with di proposed custodian, Foris DAX, cos consumers complain. Like $620 million of Trump $6.4 billion net worth now dey tied to digital assets, including DeFi projects and meme coins. SEC decision go test their balance between encouraging crypto innovation and avoiding political bias. If dem approve, e fit look like say dem dey favour one person; if dem reject, e fit cause talk say politics dey interfere. Market people go watch dis move well well as crypto ETF world dey grow.
Bearish
Dis SEC delay for di Truth Social Crypto ETF dey bring regulatory yawa and political wahala. Normally, wen SEC dey postpone crypto ETF decisions, market go react with price fall because investment no dey flow. Di whole Trump connection make di matter worse, e fit make people think say dem dey biased or favour somebody politically. For short term, traders fit dey cautious or carry risk-off attitude, e go press Bitcoin and Ethereum. For long term, market fit calm down once dem clear di mata, but dis delay fit make di progress for future ETF approvals slow and e go put market sentiment for side.