Donald Trump’s social media company mulled launching a payment service, following interest in buying Bakkt exchange.
Donald Trump’s media and technology firm filed a trademark application for TruthFi, a crypto payment provider and digital asset trading venue. TruthFi will also offer financial custody services, according to documents submitted by Trump Media & Technology Group, per The New York Times.
The firm currently operates the social media network Truth Social with a lean team. Buying crypto trading service Bakkt might be TMGT’s strategic play to expand its business and foray into an industry that rallied support around the President’s camp.
The recently elected U.S. President and his team also assessed options for its crypto advisory council. It’s possible, but unconfirmed, that a new crypto role at the White House could spearhead this squad focused on digital asset policy.
Former Commodity Futures Trading Commission chair Chris Giancarlo was among Trump’s top picks for a so-called “Crypto Czar.” Cardano founder Charles Hoskinson recommended Coinbase CEO Brian Armstrong via X.
Reuters reported that the crypto council would prioritize forming a national Bitcoin (BTC) reserve. Wyoming Senator Lummis pitched a ball to buy 4% of Bitcoin’s circulating supply over five years. Lummis also proposed that the Federal Reserve swap some of its gold certificates to fund a bigger U.S. BTC position.
Crypto’s corridors have been upbeat since the U.S. general elections. Progress from the Trump camp toward fulfilling campaign policies coincided with a flurry of government agency exits.
Securities and Exchange Commission chair Gary Gensler announced his resignation, due Jan. 20 when Trump takes office. Marty Gruenberg, chair at the Federal Deposit Insurance Corp, will quit a day before on Jan. 19.
The President’s camp also reportedly engaged digital asset industry leaders on possible cabinet recruitment. Coinbase CEO Armstrong and President Trump held initial talks over a phone call.
Changes across federal regulators and victorious pro-crypto policymakers galvanized industry operators to target greater inclusion. Wealth managers, including VanEck, 21Shares, Canary Capital, and Bitwise, submitted bids for spot Solana (SOL) exchange-traded funds.
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