Trump Media and Technology Group, the social media conglomerate backed by US President Donald Trump, is considering integrating a crypto token and wallet into its video streaming site, Truth+.
“We’re exploring the introduction of a utility token within a Truth digital wallet that can initially be used to pay for Truth+ subscription costs, and later be applied to other products and services in the Truth ecosphere,” Trump Media CEO Devin Nunes wrote in an April 29 letter to shareholders.
He added that the crypto token and wallet would be part of a rewards program that Trump Media is exploring across its services, which include the social media platform Truth Social and the financial services platform Truth.Fi.
Trump Media first signaled plans for a potential crypto payments venture last November when it filed a trademark application with the US Patent and Trademark Office for computer software designed to function as a digital wallet, enable digital asset trading and process crypto payments on Truth.Fi.
Truth+ launched in October, offering movies and shows mainly targeting a politically conservative audience.
Trump Media signed a binding agreement with the crypto exchange Crypto.com and asset manager Yorkville America Digital to launch exchange-traded funds (ETFs) that will include crypto and stocks “with a Made in America focus” to launch on Truth.Fi.
The company said in January that it plans to invest up to $250 million of its cash reserves into a range of financial products, including Bitcoin (BTC) and other crypto tokens or crypto-related securities, which would be custodied by asset manager Charles Schwab.
More potential for conflict of interest
The launch of a Trump Media utility token would only heighten concerns about the president’s crypto-related ventures potentially conflicting with his duties. Trump, however, transferred his 59% stake into a trust last December.
Related: Trump’s first 100 days ‘worst in history’ despite crypto promises
Trump has also been criticized for backing the crypto platform World Liberty Financial, where he’s named the firm’s “Chief Crypto Advocate” and draws a portion of its profits.
Some senators have raised concerns that Trump’s influence on policy could benefit World Liberty, which is 60% owned by the Trump family.
Trump also received backlash for the controversial launch of his memecoin, Official Trump (TRUMP), on Jan. 18 — just two days before he re-entered the White House.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
