Trump's social media company is exploring a crypto payment service called TruthFi
Truth Social’s Move into Cryptocurrency #
The social media platform Truth Social, owned by President-elect Donald Trump, appears to be eyeing a move into the cryptocurrency space. Earlier this week, a trademark application was filed for TruthFi, which is described as a cryptocurrency payment processing platform. The application outlines potential services such as card payment processing, asset management, custody service, and trading in digital assets.
Trump Media’s exploration into crypto payments is undeclared in terms of progress, and it’s unclear if the platform will launch. A venture into cryptocurrency could illustrate a strategy to diversify beyond social media.
The trademark application highlights potential conflict-of-interest concerns due to Trump’s election victory and his extensive business interests. The ethical dilemma arises from the overlap between business decisions and governmental regulations—a challenge not unique to Trump but prevalent among many political figures involved in financial markets.
“President Trump ought to do what every other president has done: Divest personal assets, Trump Organization assets, everything that creates a conflict of interest with his official duties. And that includes Truth Social and crypto.”
Trump’s election was partly powered by strong support from a crypto industry eager for more favorable regulation. During the campaign, he promised to make the U.S. the “crypto capital of the planet” and to create a national cryptocurrency reserve.
As Trump assumes office in January, it is anticipated that he will appoint regulators who favor the crypto industry, potentially benefiting companies in which he holds significant stakes. He has vowed to replace the SEC chairman, who announced plans to step down on Trump’s inauguration day.
The trademark development comes shortly after reports of Trump Media being in talks to acquire crypto trading platform Bakkt, causing Bakkt’s shares to jump over 160%. Bakkt acknowledged the rumors but refrained from commenting on market speculation.
Beyond the potential move into crypto payments, Trump has other cryptocurrency ventures, including a business launched in September named World Liberty Financial. There is also news that the CEO of a prominent financial firm has been chosen to head the Commerce Department, further signaling a shift towards crypto engagement.