Truth Social partner withdraws applications for 3 crypto ETFs

Yorkville America, a financial partner of Truth Social, has withdrawn its applications for three cryptocurrency ETFs, Cointelegraph reported. The withdrawn funds are the Truth Social Bitcoin ETF, the Truth Social Bitcoin & Ethereum Blend ETF, and the Crypto Blue Chip ETF. While Yorkville cited changes to its legal structure as the reason for the withdrawal, the crypto industry points to concerns over a potential conflict of interest for U.S. President Donald Trump and declining demand for crypto ETFs. The proposed ETFs were also expected to struggle with competitiveness due to higher fees compared to those from large asset managers.