PANews reported on May 20th that Bloomberg ETF analyst James Seyffart published an article on the X platform stating that Truth Social, a social media platform owned by Trump, has withdrawn its application for a Bitcoin ETF. Seyffart stated that, according to the press release, there are differences between ETPs under Bill 33 and ETFs under Bill 40, and ETPs offer less protection; however, this has always been a known fact and has not changed. He believes the withdrawal is more likely related to the competitive landscape of spot Bitcoin ETFs, especially with Morgan Stanley's entry with a 14 basis point MSBT.