Trump’s Social Media Company is Exploring a Crypto Payment Service Called TruthFi
Donald Trump’s media enterprise, Trump Media & Technology Group (TMTG), is making a move toward the cryptocurrency sector with plans for a digital payment platform called TruthFi. The development comes just weeks after Trump’s election victory, which has invigorated hopes for more favourable crypto regulations in the United States.
A recent trademark application filed by TMTG describes TruthFi as a cryptocurrency payment processing service. The filing outlines a range of potential uses, including digital wallets, payment card processing, digital asset management, custody services, and cryptocurrency trading.
While the exact timeline or scale of this venture remains uncertain, the application signals serious consideration of cryptocurrency-related products within Trump’s organisation. “The filing suggests significant internal discussions about expanding the Truth brand into the crypto world,” said trademark attorney Josh Gerben, who flagged the trademark application.
Conflict of Interest Concerns
The move has reignited ethical concerns surrounding Trump’s business holdings and their intersection with his political career. Critics, including Richard Painter, former ethics counsel in the George W. Bush administration, have pointed out potential conflicts of interest, especially as Trump prepares to oversee federal regulatory decisions that could directly benefit his businesses.
“President Trump should divest from all personal and organisational assets that could conflict with his duties, including Truth Social and cryptocurrency ventures,” Painter argued.
However, Trump has shown little inclination to divest. Following his election victory, he dismissed speculation about selling his shares in Trump Media, declaring on Truth Social: “I HAVE NO INTENTION OF SELLING!”
Regulatory Shifts Expected
Trump’s campaign promises to transform the United States into a “crypto capital” have been well-received by the digital currency industry. He has pledged to establish a national cryptocurrency reserve and appoint regulators who support the sector.
Notably, Gary Gensler, chairman of the Securities and Exchange Commission (SEC) and a vocal critic of the crypto industry, has announced plans to step down on January 20, coinciding with Trump’s inauguration. Industry analysts anticipate that Trump will appoint a crypto-friendly replacement.
Potential Acquisition Fuels Speculation
In related news, TMTG is reportedly in advanced talks to acquire Bakkt, a crypto trading platform. The rumours, first reported by the Financial Times, caused Bakkt’s shares to surge by over 160%. While Bakkt acknowledged the speculation, it declined to comment on the potential deal.
TMTG’s trademark filing and potential acquisition mark a significant step into cryptocurrency, an area Trump has warmed to in recent years. His shift in stance, from criticising Bitcoin to embracing it, aligns with his promise to prioritise the sector as part of his economic agenda.
With these developments, Trump’s businesses could play a pivotal role in shaping and benefiting from the crypto boom his administration may fuel.
