Trump media trademarks crypto payment service ‘TruthFi’

Donald Trump’s social media company has considered launching a payment service following interest in buying exchange Bakkt.

Donald Trump’s media and technology firm has filed a trademark for TruthFi, a crypto payments provider and digital asset trading venue. TruthFi will also offer financial custody services, according to documents filed by Trump Media & Technology Group, according to The New York Times.

The company currently operates the social media network Truth Social with a lean team. Acquiring crypto trading service Bakkt could be a strategic play by TMGT to expand its business and tap into an industry centered around the President’s backer.

The recently elected US President and his team also evaluated the options of the crypto advisory council. It is possible, but not yet confirmed, that a new crypto role in the White House could lead this team focused on digital asset policy.

Former Commodity Futures Trading Commission chairman Chris Giancarlo was among Trump’s top picks for the so-called “Crypto Czar.” Cardano founder Charles Hoskinson recommended Coinbase CEO Brian Armstrong through X.

Reuters reported that the crypto council will prioritize creating a national Bitcoin (BTC) reserve. Wyoming Senator Lummis made a move to buy 4% of Bitcoin’s circulating supply over five years. Lummis also suggested that the Federal Reserve swap some of its gold certificates to fund a larger US BTC position.

Regarding the idea of ​​a Crypto-Czar in the White House, I think this role should be filled with someone who is impartial, works with all protocols, and has a deep understanding of what the US is as well as why cryptocurrency is special. The government under Biden made a mistake.

There…

— Charles Hoskinson (@IOHK_Charles) 20 November 2024

Crypto corridors have been optimistic since the US general election. The Trump wing’s push toward carrying out campaign policies has coincided with a rush to exit government institutions.

Securities and Exchange Commission chairman Gary Gensler announced his resignation, which will expire on January 20, when Trump is inaugurated. Marty Gruenberg, chairman of the Federal Deposit Insurance Corporation, will resign one day earlier, on January 19.

The president’s camp is also reportedly meeting with digital asset industry leaders regarding possible cabinet recruitment. Coinbase CEO Armstrong and President Trump held initial talks over a phone call.

Changes between federal regulators and pro-cryptocurrency policymakers have encouraged industry operators to aim for greater participation. Asset managers including VanEck, 21Shares, Canary Capital and Bitwise have bid for spot Solana (SOL) exchange-traded funds.