Trump Media & Technology Group a company headquartered in Sarasota, Florida has is planning to integrate a crypto token and a wallet in Truth+ ecosystem. According to the available data Truth+ is a video streaming site offering extra advanced features to its users.
A letter written by Devin Nunes, the Chief Executive Officer of Trump Media to the shareholder on April 29, notes that the firm is keenly working to launch a utility token with a Trust digital wallet.
The utility token will act as the backbone, and Devin quotes in the letter, “ We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere.”
Trump Media has shown a active penetration towards crypto and as per some archive reports it has filed with the U.S patent and Trademark Office.
The letter further reads that, “ In the near future, we plan to offer premium features on the Truth Social platform to subscribers of our Truth+ streaming service- we anticipate that all subscribers will automatically become verified Truth Social users with a red check badge and a Truth+ badge.”
The first two Truth. Fi products are slates of customized exchange-traded funds (ETFs) and separately managed accounts (SMAs), both of which are expected to be launched in 2025.
With an America-First theme, both products will highlight a wide range of businesses in various industries. The ETFs will provide both conventional stocks and crypto.
In order to introduce our financial products, Trump Media collaborated with reputable businesses that aligned well with the mission and goals and have partnered with Yorkville America Equities and Index Technologies Group to create the SMAs, and with Crypto(dot)com and Yorkville America Digital to create the ETFs.
Involvement of Mr. Trump in crypto to shape the future of digital assets?
Over the quarters, a major inclination of Donald Trump towards crypto has been seen, despite his most controversial statement in which he termed Bitcoin a ‘scam,’ yet in the election campaign in 2024 the sitting president largely praised crypto and promised citizens of the nation to make the U.S the centre of digital economy.
In a speech in Nashville in mid-2024, Trump promised Bitcoiners a new set of rules and regulations for the digital assets, with the firing of Gary Gensler from his position as the chair of the Securities and Exchange Commission.
It is worth noting that, Gary left his position of the SEC chair, as experts said he was quite worried that Trump and his administration might trouble him for his actions and crackdowns on the firm dedicatedly working for digital assets.
The DOJ’s National Cryptocurrency Enforcement Team was disbanded, and Executive Order 14067 was revoked as part of Trump’s administration’s efforts to repeal Biden-era crypto laws.
Under new leadership, the SEC has withdrawn cases against companies such as Coinbase and Binance and established a task group dedicated to cryptocurrency to create regulations that are favorable to the sector.
