Tuttle Capital has filed for 10 crypto-based leveraged exchange-traded funds (ETFs), including some for popular memecoins, with analysts saying issuers are testing the limits of Trump-appointed crypto-friendly regulators.
Tuttle’s proposed ETFs include funds that are two times leveraged long on memecoins from Donald Trump and his wife Melania, Bloomberg ETF analyst James Seyffart said in a Jan. 27 X post.
In addition to the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens, Seyffart said that Tuttle’s other proposed funds include “a bunch of memecoin products and assets” that don’t have ETFs yet.
Those other ETFs would be long on XRP (XRP), Solana (SOL), Litecoin (LTC), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BNP and the memecoin Bonk (BONK).
“To be very clear here. This is a case of issuers testing the limits of what this SEC is going to allow,” he said.
Source: James Seyffart
Trump made promises to end perceived regulatory hostility against crypto in his presidential campaign, and after he entered the White House, the Securities and Exchange Commission created a crypto task force dedicated to developing a framework for digital assets headed by crypto-friendly Commissioner Hester Peirce.
“I’m expecting the new crypto task force led by Hester Peirce to likely be the lynchpin in determining what’s gonna be allowed vs what isn’t,” Seyffart added.
Bloomberg’s senior ETF analyst Eric Balchunas said on X that Tuttle’s filings are “unusual,” as they’re for higher leveraged ETFs when several of them don’t have a standard ETF.
ETFs typically track the asset in their underlying index one-to-one; leveraged funds, however, track at a 2:1 ratio or higher.
“This is a 40-act filing, so in theory, unless the SEC disapproves them, they could be out and trading in April,” Balchunas said.
Related: TRUMP, DOGE, BONK ETF approvals likely, but Cathie Wood won’t invest: Finance Redefined
“Will be interesting to see where the SEC draws [a] line (if at all) and why,” he added, noting that recent filings for Dogecoin (DOGE) and TRUMP haven’t been withdrawn.
Source: Eric…
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