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Trump-linked Truth Social seeks SEC approval for two crypto ETFs

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Trump-linked Truth Social seeks SEC approval for two crypto ETFs

Yorkville America Equities, the asset manager behind a series of exchange-traded funds (ETFs) tied to U.S. President Donald Trump’s Truth Social brand, has filed registration documents for two new cryptocurrency ETFs, expanding its push into the digital asset market.

According to a filing with the U.S. Securities and Exchange Commission (SEC) submitted Friday, the firm is seeking approval for the Truth Social Bitcoin and Ether ETF, which would offer exposure to the two largest cryptocurrencies by market capitalization. Yorkville also filed for a second product, the Truth Social Cronos Yield Maximizer ETF, which would invest in and stake , the native token of Crypto.com’s Cronos blockchain.

While both ETFs remain subject to SEC approval, the filings mark an significant next step for the politically branded investment firm. If approved, the ETFs would be launched in partnership with Crypto.com, which is expected to serve as the digital asset custodian, liquidity provider, and staking services provider for the new funds.

The Cronos-focused ETF is especially notable for its inclusion of staking rewards, which are typically earned by helping to secure proof-of-stake networks like Cronos. That could position the fund as a yield-generating product in a space still largely dominated by passive spot ETFs.

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Both funds would also be distributed through Foris Capital US LLC, the SEC-registered broker-dealer affiliated with Crypto.com.

Truth Social first signaled its crypto ambitions in June 2025, when it filed an S-1 registration statement for a spot bitcoin ETF under the same brand. That was followed by a Blue Chip Digital Asset ETF filing in July 2025, targeting a basket of large-cap altcoins. Neither product has yet launched.

President Trump, a primary owner of Trump Media & Technology Group that in turn owns Truth Social, has struggled politically with his personal business ties to the crypto sector. That relationship is currently among the primary sticking points for advancing the U.S. Senate’s Digital Asset Market Clarity Act that would govern the oversight of U.S. crypto markets.

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Former FTX engineer Nishad Singh agrees to $3.7M penalty in CFTC settlement

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Former FTX engineer Nishad Singh agrees to $3.7M penalty in CFTC settlement

Former FTX head of engineering Nishad Singh has agreed to pay a $3.7 million fine to resolve his case with the US commodities regulator.

Summary

  • Nishad Singh agreed to pay $3.7 million in disgorgement to settle CFTC charges tied to FTX’s collapse and misuse of customer funds.
  • The settlement includes a five-year trading ban and an eight-year registration ban, with regulators citing his cooperation in limiting further penalties.

Singh will pay a disgorgement of $3.7 million as part of a supplemental consent order for his role in the collapse of FTX and the misappropriation of user funds, according to an April 1 statement from the U.S. Commodity Futures Trading Commission.

As part of the supplemental consent order, he has also been handed a five-year ban on trading in markets and an eight-year registration ban that blocks him from obtaining a license to operate within the sector.

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CFTC enforcement director David Miller ruled out additional restitution or civil monetary penalties for now and said the current resolution reflects Singh’s cooperation with authorities.

“The defendant engaged in, and aided, significant violations of the Act and CFTC regulations as the former FTX head of engineering, and the consent orders reflect the severity of these violations,” Miller said.

A Bloomberg report noted that attorneys representing Singh said he was grateful the matter had been resolved and added that the regulator recognized his limited role in the underlying conduct.

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Singh was accused of personally misappropriating millions of dollars in assets as part of FTX’s collapse. The commission charged the former executive with two counts of fraud by misappropriation and aiding and abetting fraud.

Subsequently, he entered into the consent order and agreed to cooperate with the commission’s investigators.

As previously reported by crypto.news, Singh was also spared from prison and received three years of supervised release.

In the meantime, FTX founder and former CEO Sam Bankman-Fried has filed a pro se motion seeking a new trial in his federal fraud case.

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Bankman-Fried is currently serving a 25-year sentence on seven counts of fraud and conspiracy but has argued that key witness testimony was missing from his 2023 trial.

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Alabama Passes DUNA Act Granting DAOs Legal Status

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Law, DAO

The US state of Alabama has become the second US jurisdiction after Wyoming to grant decentralized autonomous organizations (DAOs) legal status under the DUNA Act.

The Decentralized Unincorporated Nonprofit Association (DUNA) Act (Senate Bill 277) was introduced in February by Republican Senator Lance Bell. The House passed it 82-7 with 16 abstentions on March 17, and has now been signed by Alabama Governor Kay Ivey, according to a16z Crypto.

Speaking about the bill’s passage, a16z Crypto’s head of policy and general counsel, Miles Jennings, said on Wednesday that “decentralized governance is essential to crypto’s future — it’s one of the core constructs in market structure legislation.”

The bill provides legal status and limited liability protections to DAOs, solving a long-unresolved question in crypto: How DAOs exist from a legal standpoint in the real world. 

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It gives decentralized communities “the certainty to build, govern, contract, and scale in the real world,” added Jennings. 

Full legal entity status for DAOs

To qualify, a DAO must have at least 100 members joined for a common nonprofit purpose, such as governing a blockchain network or smart contract system.

Governance can operate entirely through blockchain technology and smart contracts, and voting, proposals and consensus mechanisms can all be stored onchain.

These organizations will have full legal entity status, they can own property, sue and be sued, and enter into contracts, while individual members and administrators will be shielded from personal liability. 

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Related: Aave DAO backs V4 mainnet plan in near-unanimous vote

“As federal crypto market structure legislation moves closer to becoming law, builders need effective domestic legal structures,” added Jennings. 

West Virginia DUNA Act awaits approval 

A similar DUNA bill (HB 5060), introduced by Representative Tristan Leavitt in February, passed the House on March 4 and is awaiting the governor’s signature in West Virginia. 

Wyoming’s DUNA Act was signed into law by Governor Mark Gordon in March 2024. The state approved the first legally recognized DAO in the United States in July 2021. 

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Over 13,000 DAOs exist worldwide with collective treasury assets under DAO control surpassing $24.5 billion as of 2025, according to CoinLaw. The average DAO treasury size is around $1.2 million, and Ethereum and its layer-2 networks host over 85% of DAOs, reported PatentPC in March.

Law, DAO
DAO treasury composition. Source: CoinLaw

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