Trump Media Hints at Crypto Expansion with ‘TruthFi’ Trademark Filing
Trump Media and Technology Group (TMTG) has filed a trademark application for “TruthFi,” signaling potential plans to venture into the cryptocurrency sector. The filing, submitted to the United States Patent and Trademark Office (USPTO) on November 18, outlines intentions to offer digital wallets, cryptocurrency payment processing, and a digital asset trading platform. This development suggests that TMTG, led by President-elect Donald Trump, is exploring new avenues beyond its primary social media platform, Truth Social.
The trademark application includes a range of services, such as market analysis data for financial research and financial custody services. These services would involve maintaining possession of financial assets for others, indicating a comprehensive approach to crypto management. Josh Gerben, a trademark attorney, highlighted that the filing suggests TMTG’s serious interest in building a crypto platform. However, the exact timeline and progress of these plans remain uncertain.
The filing comes amid reports that TMTG is in advanced talks to acquire Bakkt, a crypto exchange owned by Intercontinental Exchange. This potential acquisition would further solidify TMTG’s entry into the cryptocurrency market, aligning with Trump’s pro-crypto stance. During his campaign, Trump pledged to transform the United States into the “crypto capital of the planet” and has been vocal about easing regulatory burdens on the industry.
Trump’s support for cryptocurrency has already had a notable impact on the market. Since his election victory, Bitcoin and other cryptocurrencies have seen significant gains, with Bitcoin nearing the $100,000 mark. The incoming administration’s pro-crypto policies, have fueled optimism within the industry.
The trademark filing for TruthFi is just one of several indicators of Trump’s growing interest in the crypto space. His family’s decentralized finance (DeFi) platform, World Liberty Financial, launched in September, although it fell short of its fundraising goals. Additionally, Trump has licensed his image for several non-fungible token (NFT) collections, further demonstrating his engagement with digital assets.
The crypto industry is eagerly awaiting the potential changes under the Trump administration. The creation of a crypto advisory role within the White House, possibly led by former Commodity Futures Trading Commission chair Chris Giancarlo, is one of the anticipated moves. This role would focus on developing a national Bitcoin reserve and other crypto-related policies.
