Trump media trademarks crypto payment service ‘TruthFi’

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As a seasoned crypto investor with over two decades of experience in the financial markets, I find myself intrigued by the recent developments surrounding Donald Trump’s media and technology firm. The potential acquisition of Bakkt and the creation of TruthFi as a crypto payment provider and digital asset trading venue is an interesting strategic move that could significantly expand TMGT’s business reach.

Donald Trump’s proposed social media platform is considering introducing a payment service, spurred by potential acquisitions of the Bakkt digital asset exchange.

As a researcher, I’m sharing an interesting development: Donald Trump’s media and technology company, Trump Media & Technology Group, has applied for a trademark for a new venture named TruthFi. This upcoming platform is designed to serve as a cryptocurrency payment provider and digital asset trading venue. Additionally, it will provide financial custody services, as indicated in documents submitted by the company, according to reports from The New York Times.

Currently, the company manages the minimal-staffed social media platform Truth Social. Acquiring the cryptocurrency trading service Bakkt could potentially be TMGT’s strategic move to broaden its operations and venture into an industry backed by the President’s supporters.

Recently, the newly inaugurated U.S. President and their administration have been considering various possibilities regarding the composition of their Crypto Advisory Council. There’s speculation (though not yet confirmed) about the creation of a new position within the White House, whose main responsibility would be to lead this team focused on establishing digital asset policies.

Among Trump’s leading candidates for the role informally known as “Crypto Czar” was Christopher J. Giancarlo, former head of the Commodity Futures Trading Commission. Charles Hoskinson, founder of Cardano, suggested Brian K. Armstrong, CEO of Coinbase, for this position through a specific channel (X).

According to Reuters, the crypto council aims to establish a national reserve for Bitcoin (BTC). Wyoming Senator Lummis suggested the idea of purchasing 4% of the total circulating supply of Bitcoin over a period of five years. Additionally, Senator Lummis proposed that the Federal Reserve consider trading some of its gold certificates to bolster the U.S.’s holdings of Bitcoin.

Regarding the proposal for a Crypto-Czar at the White House, I believe it’s crucial that this position be occupied by an individual who maintains impartiality, works effectively across all cryptocurrency protocols, and possesses in-depth knowledge about the unique aspects of crypto, as well as the areas where the U.S. government under President Biden may have erred.

— Charles Hoskinson (@IOHK_Charles) November 20, 2024

The mood in the crypto world has been positive since the U.S. elections, as developments from the Trump administration aligned with their campaign promises have coincided with numerous departures from government agencies.

The Chair of the Securities and Exchange Commission, Gary Gensler, has decided to step down from his position, effective January 20, following the inauguration of President Trump. A day prior, on January 19, the Chair of the Federal Deposit Insurance Corp, Marty Gruenberg, will also be resigning.

It is said that the President’s team was also reported to have met with key figures from the digital asset sector regarding potential appointments in the cabinet. In an early conversation, the CEO of Coinbase, Brian Armstrong, discussed this matter with President Trump during a phone call.

As a result of shifts in federal regulation and the success of pro-cryptocurrency policy advocates, operators within the industry are focusing more on promoting wider participation. Notable wealth managers such as VanEck, 21Shares, Canary Capital, and Bitwise have submitted proposals for Solana (SOL) exchange-traded funds to be listed on stock exchanges.

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2024-11-22 00:18