Trump Registers Crypto Payment Service TruthFi
Date: 2024-11-22 Author: Henry Casey Categories: BUSINESS
Donald Trump's media and technology company has filed an application to register the TruthFi trademark, which will provide crypto payment services and digital asset trading. In addition, TruthFi plans to offer financial custody services, according to documents from Trump Media & Technology Group (TMGT) published by The New York Times.
TMGT currently operates the social network Truth Social, which employs a small staff. The possible acquisition of the Bakkt crypto exchange could be a strategic move to expand the business and strengthen its position in the industry, which has provided significant support to Trump's political campaign.
The new US president, together with his team, is also considering options for forming a crypto advisory council. There is a possibility that a new position will be created in the White House related to the development of digital asset policy.
Possible candidates for the leadership role include former Commodity Futures Trading Commission Chairman Chris Giancarlo, as well as Coinbase CEO Brian Armstrong, who was recommended by Cardano founder Charles Hoskinson.
According to Reuters, the new board will prioritize the creation of a national Bitcoin reserve. Wyoming Senator Cynthia Lummis has proposed purchasing 4% of the current supply of Bitcoin over five years, and considering exchanging Federal Reserve gold certificates to increase the share of BTC in the national reserves.
Crypto activity has increased significantly since the election. The process of implementing the new administration’s campaign promises has coincided with a series of high-ranking resignations. Securities and Exchange Commission Chairman Gary Gensler announced that he will step down on January 20, the day Trump is inaugurated. Also on January 19, the day before the change of administration, Federal Deposit Insurance Corporation Chairman Marty Gruenberg will step down. The Trump administration has also begun consulting with digital industry leaders about potential government appointments. Trump reportedly held phone calls with Coinbase CEO Armstrong to discuss potential collaboration.
Amid changes in federal regulations and the rise of pro-crypto politicians, industry operators have stepped up efforts to attract investors. Firms including VanEck, 21Shares, Canary Capital, and Bitwise have filed to create exchange-traded funds to spot trade the Solana token.
