Donald Trump’s media and technology company is considering venturing into the world of cryptocurrency by potentially launching a payment service called TruthFi. This move comes after expressing interest in acquiring the Bakkt exchange. The trademark application for TruthFi includes plans for a crypto payment provider, digital asset trading venue, and financial custody services, as revealed in documents submitted by Trump Media & Technology Group.
Currently, the company operates the social media platform Truth Social with a small team. The potential acquisition of Bakkt could be a strategic decision by TMGT to expand its business and enter an industry that has shown support for the former President.
In addition to the plans for TruthFi, Trump’s team is also exploring the idea of establishing a crypto advisory council within the White House. Speculation suggests that a new role, possibly a “Crypto Czar,” could lead this council focused on digital asset policy. Notable figures like Chris Giancarlo and Brian Armstrong have been suggested for this position.
Reports indicate that the proposed crypto council may prioritize the creation of a national Bitcoin reserve. Senator Lummis has proposed buying a significant portion of Bitcoin’s circulating supply over five years, as well as suggesting that the Federal Reserve allocate some of its gold certificates to fund a larger U.S. BTC position.
The potential appointment of a Crypto Czar at the White House has sparked discussions about the importance of selecting a candidate who is neutral, well-versed in various protocols, and has a deep understanding of the unique qualities of cryptocurrencies. This individual would also need to address any shortcomings in the US government’s current approach to crypto.
Following the recent U.S. general elections, the cryptocurrency industry has seen positive developments. As the Trump administration prepares to take office, there have been notable resignations from key government positions, including SEC Chair Gary Gensler and FDIC Chair Marty Gruenberg.
Industry leaders have reportedly been in talks with the President’s team regarding potential cabinet positions, indicating a growing interest in greater involvement in policymaking. This has led to a surge in proposals for new investment products, such as spot Solana exchange-traded funds, from firms like VanEck, 21Shares, Canary Capital, and Bitwise.
Overall, the intersection of politics and cryptocurrency is becoming increasingly pronounced, with the Trump administration making significant moves to establish a presence in the digital asset space. The industry awaits further developments as key appointments and strategic decisions continue to unfold.