Trump Media & Technology Group (TMTG), the parent company of Truth Social, has officially withdrawn its application for a branded spot Bitcoin ETF, filing a formal SEC Form RW on May 20, 2026. According to reports from Bloomberg, the withdrawal was filed as a formal SEC Form RW, meaning the registration statement (file number 333-288064) was pulled from the active review queue before the SEC ever made a decision. The company's advisor, Yorkville America Digital, LLC, indicated that the decision was linked to a broader restructuring of its ETF plans and a shift toward a different regulatory framework. As reported by TradingView News, the withdrawal came before the SEC reached a final decision on the applications, ending months of speculation around the products and their potential entry into the growing crypto ETF market.
Yorkville America Digital announced that it is transitioning from offerings registered under the Securities Act of 1933, such as the proposed Truth Social Bitcoin ETF, to structures registered under the Investment Company Act of 1940. According to TradingView News, the asset management company reportedly indicated that the withdrawal was part of a broader strategy change involving the legal structure of future investment products. The original filings were structured under the Securities Act of 1933, which is commonly used for commodity-based ETFs, including spot Bitcoin funds. The revised direction appears to focus on products governed under the Investment Company Act of 1940 instead. Yorkville America Digital stated that it "initiated this process after determining the '40 Act framework provides a structure for delivering the differentiated, rules-based investment strategies the firm continues to develop for its growing investor base." The company claimed this move would allow it to offer more innovative products while benefiting from stronger investor protections and tax efficiencies.
The scope of what was withdrawn was broader than most headlines captured, according to 99Bitcoins reports. Yorkville America Digital had filed for a Truth Social Bitcoin & Ethereum ETF and a Truth Social Crypto Blue Chip ETF - the latter reportedly covering assets including Solana, Cronos, and XRP. All three applications are now off the table, representing a comprehensive withdrawal of the company's crypto ETF strategy. As reported by Live Bitcoin News, management has also suspended all diversified crypto index products for the foreseeable future, signaling a temporary retreat from high-risk digital asset listings. The withdrawal comes as Trump Media and Technology Group has struggled with poor finances and a declining share price, with DJT stock down 42% this year and trading at $7.96 per share. The withdrawn filings were mostly focused on Bitcoin (BTC) and Ethereum (ETH), with the initial Form S-1 registration statements filed in June and July 2025 under the Securities Act of 1933.
The withdrawal comes amid growing political pressure from the CLARITY Act, which includes a core regulatory ethics provision that bans specified public officials and their immediate family members from issuing, sponsoring, or endorsing any digital assets during their tenure. Senator Elizabeth Warren (D-Mass.) has consistently argued that the Trump family's cryptocurrency holdings constitute "political corruption." She has focused on the Trump-family-associated memecoins Official Trump (TRUMP) and Melania (MELANIA), the family's stake in World Liberty Financial (WLFI), and the CRO partnership with Crypto.com to substantiate her core judgment. Bloomberg ETF analyst James Seyffart believes the CLARITY Act could be the primary driver behind the withdrawal decision, noting that the differences between a '33 Act exchange-traded product and a '40 Act ETF, including the lower investor protections under the '33 Act structure, are already well known within the industry. As a voluntary withdrawal, it requires no SEC approval to end the ongoing review process, though any future resubmission will have to complete an entirely new process.
The withdrawal comes at a particularly challenging time for new crypto ETF entrants, as the US spot crypto ETF market has become increasingly crowded since the SEC initially approved spot Bitcoin ETFs in January 2024. According to data from SoSoValue, spot Bitcoin ETFs in the United States have collectively recorded tens of billions of dollars in cumulative net inflows since launch, led by BlackRock's iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Fund. The company withdrew the spot Bitcoin ETF amid intense market volatility, with U.S. spot Bitcoin ETFs recording combined net outflows of $331.05 million on Tuesday. Bloomberg ETF analyst James Seyffart noted that newer entrants face an uphill battle when competing against firms with established distribution networks, larger capital bases, and stronger institutional relationships. The withdrawal also follows President Trump's new executive order directing the Federal Reserve to review rules that have previously limited fintech and cryptocurrency firms' access to the Fed's master account, with findings required within 90 days.
