Rex Shares Files For Meme Coin ETFs including TRUMP
Rex Shares has applied for several Meme coin ETFs, including TRUMP, BONK and DOGE. The company is also trying to start offering several more traditional cryptocurrency ETFs, such as Bitcoin and Ethereum.
The crypto community has been debating the usefulness of a Meme Coin ETF, and it’s unclear how the SEC will react.
Can Rex Share create a Meme Coin ETF?
now that Former Chairman Gary Gensler After leaving the SEC, it appears to be open season for new crypto ETFs. a wave Altcoin ETF Application It started last Friday, but Trump’s inauguration has accelerated the process.
Today, ETF analyst James Seyffart famous Rex Shares filed a broad range of meme coin ETFs, although no products were offered beforehand.
“That’s really fast. Rex Shares and Osprey have filed for a series of crypto ETFs, including the meme coins TRUMP, BONK and DOGE. Also included are Bitcoin, Ethereum, Solanaand Ripple. Notably, these products will include a combination of derivatives, assets and subsidiaries. This looks similar to the playbook issuers are using in the commodity ETF space,” Seyffart said.
before that A sweeping series of regulatory changesRex Shares has little connection to the crypto ETF world. It proposed a Bitcoin Enterprise Treasury Convertible Bond ETF in late December but has not offered any products beyond that.
However, the changing regulatory stance of the U.S. Securities and Exchange Commission has created optimism for greater integration of digital assets into retail markets. Earlier today, the U.S. Securities and Exchange Commission (SEC) formally established Encryption Working Group Bringing more regulatory transparency to the industry.
These transformative moves are likely to open the door to different crypto ETF products. There have been rumors that Litecoin and XRP ETF It was approved earlier this year. So, it’s clear that Rex is just capitalizing on this trend.
However, the idea of a meme coin ETF is not everyone’s cup of tea. ETF analyst Eric Balchunas called Rex Shares’ proposal was “surreal” and hinted at a nostalgia for Gensler’s approach. this manner has become amazing Popular Since Trump launched Trump Meme Coina controversial move.
“There are more than 30 new digital asset ETF funds in the United States, many of which are focused on Sol Or the XRP ETF, there’s even a document for the TRUMP ETF. There’s no guarantee they’ll be approved, but it’s definitely worth keeping an eye on the large number of applications and properties they’re applying for. ” wrote Jacqueline Melinek.
Is the meme coin craze out of control?
It’s fair to say that the bullish sentiment on meme coins is shifting because Carpet pulls are on the rise These tokens are Reduced interest in other important industries.
When the SEC first approved a Bitcoin ETF, it was considered the gold standard for agency approval. Rex Shares is trying to create an ETF out of several meme tokens, but this seems to be far less prestigious.
Still, Trump meme coins reacted to the news. The coin surged nearly 8% in the past hour after falling throughout the day.
Ultimately, it’s up to the SEC to decide how far the ETF wave will go. in their Farewell letter to GenslerTwo of the most pro-cryptocurrency commissioners remained “deeply grateful” for his friendship and “passionate advocacy.”
In other words, Rex Shares may not have many ETF recommendations. However, their possibility divides the cryptocurrency space.
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