tl;dr
A new ETF tracks political figures' trades and their influence on crypto markets, while NYC's crypto ambitions face uncertainty after Mayor Adams' exit.
**Political Turmoil and Crypto Ambitions: The New ETF and NYC’s Uncertain Crypto Future**
As the intersection of politics, finance, and cryptocurrency continues to evolve, a new exchange-traded fund (ETF) is set to debut, reflecting growing interest in the influence of political figures on market trends. Meanwhile, New York City’s ambitions to become a global crypto hub face uncertainty following the withdrawal of Mayor Eric Adams from his reelection campaign, raising questions about the future of the industry in the city.
**The Rise of the “Government Grift” ETF**
A groundbreaking ETF, the Tuttle Capital Government Grift ETF (GRFT), is poised to launch this week, offering investors a unique lens into the relationship between political power and financial markets. According to Bloomberg ETF analyst Eric Balchunas, the fund, which will become effective on October 3 after SEC approval, tracks the trading activity of U.S. politicians, particularly members of Congress and their spouses, using disclosures mandated by the STOCK Act.
Beyond monitoring political trades, GRFT invests in companies with ties to presidential influence. This includes firms with executives or directors linked to the White House or those receiving public endorsements from President Donald Trump. The fund’s strategy hinges on the premise that political figures and their connections can sway market outcomes or access privileged information.
Trump’s deepening involvement in cryptocurrency adds a new layer to the ETF’s focus. His Trump Media & Technology Group (DJT) holds 15,000 Bitcoin, valued at $1.7 billion, while its Truth Social subsidiary has filed for a spot crypto ETF. The Trump family also supports American Bitcoin Corp (ABTC), a publicly traded mining firm, and is tied to crypto projects like meme coins and World Liberty Financial, which holds $5 billion in WLFI tokens.
Tuttle Capital, the fund’s manager, is no stranger to digital assets. It already oversees leveraged crypto ETFs tied to XRP, Solana, Litecoin, and Chainlink. The GRFT launch comes as the SEC streamlines crypto ETF approvals, signaling a broader shift toward mainstream adoption of digital assets.
**Adams’ Exit Casts Shadow Over NYC’s Crypto Vision**
While the GRFT signals growing interest in political-linked investments, New York City’s crypto aspirations face a critical crossroads. Mayor Eric Adams, a vocal advocate for the industry, withdrew from his reelection campaign on Sunday, citing financial challenges and ongoing scandals. In a statement, Adams acknowledged that his dismissed federal bribery case and the withholding of public funds had undermined his campaign, leaving him unable to “continue my reelection campaign.”
Adams had positioned New York as a potential global crypto hub, proposing initiatives like a Bitcoin bond, repealing the state’s strict BitLicense regulatory framework, and establishing a digital advisory council. However, his plans faced resistance, including criticism from City Comptroller Brad Lander, who called the Bitcoin bond idea “legally dubious and fiscally irresponsible.”
With Adams’ departure, the future of NYC’s crypto initiatives hangs in the balance. Frontrunner for the mayoral race, democratic socialist Zohran Mamdani, has not clarified his stance on digital assets, raising concerns among industry leaders about a potential shift away from pro-crypto policies. Former Governor Andrew Cuomo, polling in second place, has shown mixed signals, having previously advised a crypto exchange during a federal investigation while generally supporting stricter regulations.
**What’s Next for Crypto in New York?**
As the GRFT prepares to launch, its success may reflect broader market interest in the interplay between politics and finance. Meanwhile, New York’s crypto future remains uncertain. The city’s next leader will face pressure to either continue Adams’ vision or chart a new course. With the mayoral election set for November 4, 2025, the outcome could determine whether New York remains a pioneer in the crypto space—or if its ambitions will be sidelined by political upheaval.
For now, the dual stories of the GRFT and Adams’ exit underscore the volatile, high-stakes dance between politics, finance, and the rapidly evolving world of digital assets.