Asset managers file for SEC approval of $TRUMP coin ETFs

Two asset management firms, REX Advisers and Osprey Funds, have filed with the U.S. Securities and Exchange Commission (SEC) for approval to launch seven new cryptocurrency exchange-traded funds (ETFs).

These ETFs will be linked to the $TRUMP coin, other meme coins like DOGE and BONK, and established tokens like Solana and Ripple's XRP.

This filing follows the launch of the $TRUMP coin by President Donald Trump just days earlier. It will test how far the SEC's new leadership, which began a crypto policy review on Tuesday, is willing to go in approving new crypto products.

The filing outlines the risks of creating and investing in new crypto tokens like $TRUMP, which has seen significant price fluctuations. $TRUMP has moved from about $10 to as high as $74.59 the same day, dropped to $31.65 on Monday night, and then rose to $44 on Tuesday afternoon, according to CoinGecko.

The meme coin currently has a market value of $8.9 billion.

ProShares, another asset manager, also filed for eight new ETFs on Friday, with four tied to Solana and four to XRP. These ETFs have not yet been approved by regulators.

ProShares is also seeking approval to launch leveraged and inverse ETFs.