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Trump’s Truth Social Withdraws Bitcoin ETF Filing Amid $648M Outflow
Trump Media’s proposed bitcoin ETF has been pulled from the U.S. Securities and Exchange Commission. The move comes after a big wave of outflows from spot Bitcoin ETFs, which saw combined withdrawals of $648.6 million on May 18.
In its filing with the SEC on May 19, the proposed Bitcoin ETF (Truth Social) submitted a request to withdraw its registration statement, filed under Form S-1. The company “has determined to withdraw the Registration Statement and not to pursue the public offering at this time,” the filing said.
Trump Executive Order Pushes Digital Assets Toward Fed Payment Access
President Donald Trump issued an executive order on May 19 directing federal financial regulators to review rules affecting fintech firms, digital asset companies, and blockchain-based financial services. The order calls for updated regulations that allow digital assets and new financial technology to integrate into traditional financial services and payment systems while reducing barriers that limit competition.
The order defines fintech firms as non-bank companies using technology to offer or support financial products or services. Covered activities include payment processing, lending, digital banking, securities and commodities market activity, blockchain-based services, and digital asset-related services. Federal financial regulators must review rules, guidance, supervisory practices, orders, no-action letters, and application processes within 90 days.
Japan is Adopting a Reverse CLARITY Act With Foreign Stablecoins
Japan’s Financial Services Agency has finalized rules allowing foreign-issued trust-type stablecoins into its payment system, with the changes published on May 19, 2026, and effective June 1.
The decision reshapes how global stablecoins enter Asia and arrives as Washington advances its own crypto legislation.
A trust-type stablecoin is a digital token fully backed by reserves held in a trust structure, redeemable at par with a fiat currency. Japan’s updated framework now lets qualifying foreign versions act as regulated payment instruments.
Until now, foreign-issued stablecoins faced real regulatory friction inside Japan. Regulators often classified many of them as securities or left them in a gray zone that blocked everyday payment use.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Tuesday was $5.46 million. The total net asset value of Bitcoin spot ETFs is $100.5 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.52%.
The Bitcoin spot ETF with the highest net outflow on May 18 was CoinShares Bitcoin ETF with a net outflow of $3.79 million, according to SoSoValue.
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